MONERO (XMR) Update: Well, that bullish call didn't work! Now what?
My call for Monero to brake out of the second symmetrical triangle pattern went bust. I was stopped out of all my XMR overnight. So, Haejin, what's next? This is when many critics of Elliott Wave and TA say how it doesn't work and how it's voodoo and a monkey throwing a dart could fair better. Well, I obviously disagree.
Here is my updated EW count and the rationale. One of basic EW rule is alternation between Wave 2 and 4. As you can see in the blue circle, wave 2 was a simple abc zig zag (5,3,5). This means wave a and c can be subdivided into five waves and wave b into three. If Wave 2 was a zig zag, then by rule of alternation, wave 4 should be a flat pattern correction (335). I've labeled wave 4 as an extended flat where both a and c can be subdivided into smaller three waves in each and the c wave should decline in a five wave fashion (i,ii,iii,iv,v) inside the white circle.
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BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
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.
LOL!
It doesn't have to be a flat correction though. It can be any type of other than ABC correction, including combinations ;-)
Yes, it can be any combination of 36 types. That's why it's so hard to count waves 2 and 4.
I could never really understand Elliot Waves because they're too subjective.
0.0245 would complete my c wave
Yes it would, what a bummer, down to 120....just glad I got stopped out when I did.
If we get this boost then the downturn, I think your latest count could be pretty good.
Have you looked at the NEO dump this morning by chance?
GREAT analysis as usual, by the way!
Hi @haejin. Your post very good i like you're post. . Thank you for sharing.
Bitcoin's cocaine induced rally has completely messed up a lot of alt-coin trade calls. Things will settle down once people start taking their BTC profits and putting them into alts. I'd not be surprised if Monero was impacted by this.
Yes, the phasic/non phasic cycles between Bitcoin and Altcoins. The non phasic is now emerging again.
I know quite a few successful traders who are happy when they get it right 60% of the time. Don't beat yourself up too badly.
I got stopped out also. To be honest, the MACD was never really showing true separation with large volume. It has just been rebounding from losses all day and night. Once the 5 wave finishes, I'm guessing it will rest more steadily along the line waiting for a true volume purchase to push it back up.