XMRUSD (Monero) 4hr tf analysis
The downtrend in price of Monero (XMRUSD) from ~$373.69 on March 5,2018 to ~$186.32 on March 18, 2018 is identified in this analysis as a minor wave A position. Monero is therefore currently in a minor wave B position that has not terminated yet.
The target area ($242.89 and $254.38) marked on the chart indicates the potential region of termination of Minor wave B. Minor wave C is expected to move downwards from the target area to complete a 3 wave (zigzag) Elliott wave structure. The implies lower prices for Monero (XMRUSD). The least projection for the termination point of minor wave C is ~ $163.97, with $52.87 also a possibility for minor wave C to terminate
Point of invalidation (POI) of this analysis (not shown in this chart) is Monero closing below ~$149.93 instead of going back to the target area indicated on the chart.
The target area ($242.89 and $254.38) marked on the chart indicates the potential region of termination of Minor wave B. Minor wave C is expected to move downwards from the target area to complete a 3 wave (zigzag) Elliott wave structure. The implies lower prices for Monero (XMRUSD). The least projection for the termination point of minor wave C is ~ $163.97, with $52.87 also a possibility for minor wave C to terminate
Point of invalidation (POI) of this analysis (not shown in this chart) is Monero closing below ~$149.93 instead of going back to the target area indicated on the chart.
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