✴️ Immutable X Correction + 2.46 Next Target (265% Potential)
Immutable X (IMXUSD) produced a very strong bullish breakout recently signaling the end of a very long correction.
We know this correction to be over because the growth in the last 9 days exceeds 70% and we have a perfect ABC Elliot Wave pattern.
My projection for the next target as this new bullish wave develops is around 2.46. This target would be Wave 3 of a bullish impulse move of a higher degree than shown on this chart, based on Elliot Wave theory. This implies that a fourth and fifth wave are due before the entire pattern is complete.
This whole process can last between Q2 and Q3 2024 at which point a new ATH would be in and a strong correction follow.
For this pair the bottom was hit December 2022.
If we project the end of the fifth wave happening around mid-2024, that would be 1.5 years of bull-market which sits perfectly with the 4 years Cryptocurrency market cycle.
👉 Maybe that's going too far ahead... But what looks pretty certain is the development now of a new bullish wave.
Namaste.
We know this correction to be over because the growth in the last 9 days exceeds 70% and we have a perfect ABC Elliot Wave pattern.
My projection for the next target as this new bullish wave develops is around 2.46. This target would be Wave 3 of a bullish impulse move of a higher degree than shown on this chart, based on Elliot Wave theory. This implies that a fourth and fifth wave are due before the entire pattern is complete.
This whole process can last between Q2 and Q3 2024 at which point a new ATH would be in and a strong correction follow.
For this pair the bottom was hit December 2022.
If we project the end of the fifth wave happening around mid-2024, that would be 1.5 years of bull-market which sits perfectly with the 4 years Cryptocurrency market cycle.
👉 Maybe that's going too far ahead... But what looks pretty certain is the development now of a new bullish wave.
Namaste.
🔝 Daily Cryptocurrency Technical Analysis
followalan.com
🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)
🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com
followalan.com
🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)
🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.