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RE: MONERO (XMR) Update: Deep Dive to Oblivion?
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:
