MONERO (XMR) Update: Deep Dive to Oblivion?
Here is MONERO having put in a perfect i,ii,iii,iv and v waves. It needs to correct and that's what it's doing now. The c wave of the abc (abc) could dip to the wave iv territory so around $100; but this is not required and only stated since usually that's how far c waves retrace; to the prior wave iv.
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Good morning @haejin i'm just getting into EW and want to know if this could be a i,ii,iii,iv for XRP and a 5th wave coming, thanks for the sharing, best content out here IMO.
Also the MACD is pointing bearish, does it matter in an EW analysis? Thank you very much
Wave 4 cannot overlap wave 1. It's possible this is some sort of diagonal, in which case it is acceptable for wave 4 to overlap wave 1. That said, in this case, wave 3 didn't extend beyond wave 1.
With all the overlap here, this move looks like it could be corrective.
It's also possible that the spike is a wave 1 (probably minuette degree), and working on the c wave of an a,b,c correction right now which is correcting that wave 1.
It's really hard to say at this point. I'd probably let more of the picture develop before I tried to firm up the labelling on this.
I don't use MACD so I cannot really comment on that piece.
Very enlightening thank you, i will keep studying EW Theory, it is fascinating!
Glad you found that helpful. If you're interested in more EW analysis, be sure to follow me and take a look at my blog.
Yes, stocks is correct. The fundamentals of EW are not present in that count. It breaks the rules...which I know you see now obviously, but I just wanted to chime in the let you know that the very base rules must apply for a theory to have validity. It's a very dangerous game to understand any theory at a very baseline level and try to apply it to your finances. Read read read. study study study.
Certainly, i'm just getting into EW, studying and testing.
Currently i put my positions based on price action and MACD for confirmations! Regards bro, thanks a lot.
The five waves need to be a motive or an impulse of increasing order. Like this:
c retraces usually to iv but iv is apx $78 not 100. Am I missunderstanding Hae?
Wave 4 typically retraces to the 4th wave of one lesser degree. In this case, that would be the $70-$100 level.
Thanks for the update. It's all fascinating!
What approximate timeframe do you see for the wave 5 to start?