OmiseGo (OMGUSD) bears will soon crash the bulls’ party
The 4hr tf chart of OmiseGO (OMGUSD) from ~$7.77 on April 1, 2018 till present is identified in this analysis as 3 wave move (corrective)Elliott wave structure that should end up as a zigzag once minute wave ((c)) is complete. Termination of minute wave ((c)) based on this analysis would also result in the termination of a Minor wave degree.
The implication of the above is that a sell off should follow that will either deeply retrace the uptrend from $7.77 or even close below $7.77.
The target area for the termination of minute wave ((c)) of OmiseGO (OMGUSD) is indicated by the horizontal green lines.
POI (point of invalidation) for this analysis (not shown here) is a price close above $23.57.
The implication of the above is that a sell off should follow that will either deeply retrace the uptrend from $7.77 or even close below $7.77.
The target area for the termination of minute wave ((c)) of OmiseGO (OMGUSD) is indicated by the horizontal green lines.
POI (point of invalidation) for this analysis (not shown here) is a price close above $23.57.
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