HODLord

Price target predictions using Fib Retracement and Fib extension

POLONIEX:XEMBTC   NEM / Bitcoin
ABC correction seems to have finished and first impulse wave has now been completed. Based on first impulse wave we can now get some targets going for waves 2/3. Based on these targets waves 4/5 can be roughly estimated also.

To get Resistance support levels (purple lines) : Used Fib retracement from previous rally up to ATH
To get Elliot wave wave targets: Used Fib retracement on first completed wave to get predicted target. Then using predicted targets to further use Fib extension/retracement to Predict a full 5 wave analysis. Using resistance/support levels to reinforce price action.

Have only used Fib extensions/retracements to predict these targets. Have analysed the previous years rally/crash and same Fib levels have been hit consistently. This is supportive that these target levels will be reached.

Have primarily focused on Wave 3 targets because waves 4-5 are harder to predict until wave 3 has been completed. Still waiting for wave 2 to complete - have used fib levels to predict wave 2 targets (Orange/Red lines). based on wave 2 targets I have been able to get a rough estimate on wave 3 targets - Green/yellow lines.

Timeline is very sketchy, have based a rough timeline based on another graph, showing We should hit $1 by June/July.

Any opinions appreciated.

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