VERGE (XVG): Awaiting Resumption of Upward Impulse Elliott Waves
VERGE (XVG) is showing a rather bullish wedge that broke out and price worked to put in wave 1 and is likely still working to finish wave 2. While wave 1 isn't the most beautiful impulse; it is acceptable given the bullish background in Cryptosphere.
The subwaves have been labeled and the corrective abc shows that C is complete with all five subwves. This gives good odds that the resumption of the uptrend could start.
The blue waves show the projection of the next round of impulse waves. Some are calling for the Head & Shoulders top formation; but this is a topping formation and they don't show up at the bottom of a correction.
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Elliott Wave Counting Tutorial #1
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