Looks like the crypto markets are bottoming out here. Based on my wave count on TRX it looks like it could go to around 30 cents this quarter. Rest of the crypto markets will probably see large gains as well. Price action, momentum, and wave theory all looking really bullish here. TRXBTC is also is in a breakout pattern so it looks like TRX will out perform BTC and may never be this cheap against BTC again because this is a massive weekly breakout that formed over several years.
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Here's a closer look at wave-X. It looks like we are breaking out of a terminal impulse for wave-c and we should see a full retracement of wave-c in less than half the time it was formed to confirm the terminal pattern.
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It looks like my ABC count was correct, but we've retraced far too slowly for wave-c to have been a terminal, and now it looks like we have formed a wave-d and are in the middle of wave-e right now. If this count is correct then this should be the last wave down to around 9 cents before we break up from this range.
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TRX returned to 9 cents as forecasted, and now we are breaking out from the triangle so there is a good chance we see a move towards all time highs from here.
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There's a couple possibilities here for targets.Minimum Target we will probably only go to about 20 cents this month, this would be then followed by a very large correction which would likely take us back under 10 cents.
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The other possibility I am seeing right now is that we are ending wave-E of a neutral triangle and are going to begin a bull run of biblical proportions. The target for this is so high it would seem ridiculous to most. Ultimately, we'll just have to wait and see how the market reacts over the next few weeks. If we blow past 20 cents like nothing then we could see a much larger rally.
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There's a good chance this retests 9 cents one more time before we break up from this range.Note
It looks like TRX is still in Wave-B and it should at minimum make a new high around 20 cents before Wave-B is finished. This will then be followed by a large wave-C which will be similar in magnitude to wave-A.
The contracting triangle count I posted on November 2nd is still valid, but it is a secondary count for now because we haven't seen a large enough reaction yet for wave-(E) to have ended.
Trade closed manually
It looks like we are nearing the end of the 2nd corrective pattern in this double combination. Possible it goes slightly higher but downside risk here is pretty large. Could see up to an 80% retracement of wave-B on a log scale in the coming months.
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I no longer post here. Find me on x.com/intuit_trading
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.