Monero Long Opportunity and Subsequent Short Opportunity
Hello traders !
We can see that price rejected 0.786 fibonacci level which nicely fits with a support trendline. I expect price to rise to -0.272 fibonacci extension level which also fits - this time - with a weekly resistance level. It’s farther then support trendline so I expect a fakeout there. You can also see the Elliot Wave Theory. We have 4 wave completed and we want to see the last one before A-B-C correction. This EWT nicely fits with a harmonic pattern. I expect price to rise to -0.272 fibonacci extension level and then a long downtrend. At the end of this ABC correction and harmonic pattern we should expect price to rise again.
Thank you for reading !
We can see that price rejected 0.786 fibonacci level which nicely fits with a support trendline. I expect price to rise to -0.272 fibonacci extension level which also fits - this time - with a weekly resistance level. It’s farther then support trendline so I expect a fakeout there. You can also see the Elliot Wave Theory. We have 4 wave completed and we want to see the last one before A-B-C correction. This EWT nicely fits with a harmonic pattern. I expect price to rise to -0.272 fibonacci extension level and then a long downtrend. At the end of this ABC correction and harmonic pattern we should expect price to rise again.
Thank you for reading !