Btw it doesn't need to break through 1981 SATS to confirm elliot wave...the 5th wave regularly doesn't retrace back up to the 3rd. As typically the 3rd is the most extended wave of the pattern.
The theory only has 3 rules:
1. Wave 3 is not the shortest of the waves.
2. Wave 2 does not retrace 100% of Wave 1
3. Wave 4 does not overlap into the price range of wave 1(Counting closes, not wicks) - Exception is only made if the ABC correction ends in a diagonal Triangle.
Only way this doesn't confirm Elliot's Wave theory is if the price drives back below in Wave 1.
ethan_ng
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@hyiero, hi, by characteristic, wave 5 should be higher. But on that last point, you're right :)
SuperBowlDave
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Here's to hoping you're right. getting tired of the XVG fanboys
iBUYCOiNS
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Do you still feel that XVG will move upwards or will it continue on its downward slope? There is a lot of negative chatter on Twitter about the coin, although developers and other supporters have chimed in to give support.
thereynolds9420
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so were saying it will drop to 987 before reversing, and then continue up, or you think that after this were downhill for the forseeable future
@thereynolds9420, if it goes to 987, it means that it is not following predicted trend and another TA must be done as there are a lot of factors to consider when it touches that value. (ex. Trade volume / BTC prices / news)
TLDR; most likely it will continue downhill but we are not sure for how long.
The theory only has 3 rules:
1. Wave 3 is not the shortest of the waves.
2. Wave 2 does not retrace 100% of Wave 1
3. Wave 4 does not overlap into the price range of wave 1(Counting closes, not wicks) - Exception is only made if the ABC correction ends in a diagonal Triangle.
Only way this doesn't confirm Elliot's Wave theory is if the price drives back below in Wave 1.