NXTUSD $0.30? Elliot Wave Analysis
The argument for why NXTUSD will go to $0.30:
-Wave 3 hit almost a perfect 1.618 extension of wave 1-2 meaning the price target is either a 1:1 extension of wave 3 or a 2.618 extension of wave 1-2
-Bullish divergence of the price moving above base-line on 1h, (price is already above base-line on 2h candles)
-Bullish divergence of conversion-line and base-line while price is above a GREEN cloud on 1h candles (already is on 2h)
-Bullish MACD divergence on 1h candles, likely will the 2h candles as well soon
-Elliot move being analyzed is a breakout with massive volume after a very long consolidation phase of almost six months
Elliot wave is following traditional patterns such as
-61.8% retracement on wave 1-2, and almost 38.2% retracement of wave 4
-Zigzag ABC 535 appearing on wave 2 and wave 4 ABCDE 33333 (drawn on 15m candles)
-Wave 3 hit almost a perfect 1.618 extension of wave 1-2 meaning the price target is either a 1:1 extension of wave 3 or a 2.618 extension of wave 1-2
-Bullish divergence of the price moving above base-line on 1h, (price is already above base-line on 2h candles)
-Bullish divergence of conversion-line and base-line while price is above a GREEN cloud on 1h candles (already is on 2h)
-Bullish MACD divergence on 1h candles, likely will the 2h candles as well soon
-Elliot move being analyzed is a breakout with massive volume after a very long consolidation phase of almost six months
Elliot wave is following traditional patterns such as
-61.8% retracement on wave 1-2, and almost 38.2% retracement of wave 4
-Zigzag ABC 535 appearing on wave 2 and wave 4 ABCDE 33333 (drawn on 15m candles)
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.