BITFINEX:XMRUSD remains bullish as we expected and projected in previous update (Check Related Idea). So, Monero hit new all-time highs and seems like it's not going to stop yet! We expect further rally towards 170 and 190 levels for wave ("III"), where bulls could slow down into correction of wave ("IV"). So we assume that 5-five-wave rally since September 15th could reach level of 200 in coming days/weeks.
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Monero hit 173 level! Any bounce will be just short-term correction within uptrend!
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Monero close to 190! Be aware of a deeper pullback here back to around 155 level support and 38,2% Fibo. retracement for wave (IV).
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Monero found support at 150 for wave (IV), close to our projected support around 38,2% Fibo. retracement! So Monero remains bullish now for wave (V) towards 250 level.
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Monero hit 250 and break above towards 290 level, so perfectly played out! It's so impulsive now that we could see even higher levels after deeper pullback.
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This is how we see Monero. Currently in wave (IV), which may get more complex; flat correction or triangle, but ideal support is around 200, so we may see sooner or later new highs towards 350 level.
Hi, so far it's playing perfectly. I think we finished wave (IV) 5 days ago and that we are now in subwave 4 of wave (V).
Or do you think we already reached top of wave (V) and are now in the beginning of ABC correction?
I find this wave 4 very complicated to understand since I am a beginner. It's very flat (with resistance around 320 on Bittrex).
Any thoughts extremely appreciated! Thank you :)
Rektitude
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What pullback do you expect?
ew-forecast
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@wybrands, support around 200 level.
Rektitude
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I did the exact same count. The fibo levels are almost textbook like!
Some people say the correction isn’t over but i’m surprised. Do you think we could see another retracement before Wave V ?
kicklink
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good job
ApopheniaPays
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This doesn't seem to be the way it's playing out. There was a double top today at 174, with a retracement to 160 in between, then it retraced to 157, and now has started back up again from there. So it could still be in the uptrend, but that's always a coin toss anyway.
What I don't like about this kind of analysis is it ignores the declining volume as it goes higher. It's broken pretty far from its several-week volume-weighted MA, which is always tough to sustain. I think a continued uptrend is definitely still possible in the big picture, but even if so I don't think the sailing is likely to be this smooth. I think we're likely to retest that support at just above 150 much sooner than this chart suggests.
ew-forecast
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@sealgoasoma, if you look at the analysis.. we clearly see market in uptrend, cotra-trend moves will be only corrections.
Or do you think we already reached top of wave (V) and are now in the beginning of ABC correction?
I find this wave 4 very complicated to understand since I am a beginner. It's very flat (with resistance around 320 on Bittrex).
Any thoughts extremely appreciated! Thank you :)