EW Analysis: XMRUSD Monero May Face A Deeper Corrective Decline

BITFINEX:XMRUSD   Monero / U.S. Dollar
Hello traders!

Today we will talk about cryptocurrencies, specifically XMRUSD Monero in which we see quite clear pattern. We will talk about its price action from technical point of view and wave structure from Elliott Wave perspective.

Well, if you are familiar with Elliott Wave , then you know that after every five waves, a three-wave pullback follows. And, as you can see, seems like Monero may have a completed 5th wave, especially if we consider strong and impulsive five-wave drop from the highs, which can be an indication for a deeper, higher degree A-B-C correction that can send the price back to the previous wave 4 and 120 support level .

Currently, it looks like it's just in a slow three-wave (A)-(B)-(C) corrective rally within wave B that can find the resistance ideally here around 240 - 260 zone and from where we should be aware of another sell-off for wave C.
Invalidation level is at 288 highs.

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment: Monero on the way down within wave C?
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Nice chart!
yeah I'm keeping an eye on that rising wedge myself
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