Monero Completing Potential Zigzag Elliott Wave Pattern
Updated
XMR looks like it is completing a potential zigzag where wave-c is only about 62% of wave-a. This implies that the entire zigzag should get retraced and we should see a powerful move to new all time highs.
Wave-c is also a potential terminal impulse which means it should be retraced very quickly. To confirm the terminal impulse we must retrace all of wave-c faster than it was formed, and it will likely happen in less than 25% of the time of wave-c.
We've already slightly broken the 0-b trendline so if this gets some follow through we could see a fast move up to new all time highs.
The timing of all waves is virtually perfect and basically all rules are followed from a price, time and structure perspective.
This comes at a time of extremely heightened privacy concerns regarding sanctions targeting Russian crypto addresses and Canadian asset seizures targeting vaccine mandate protestors. Monero is the oldest and most trusted privacy coin, as well as the most liquid and most widely used in dark net commerce so it has several advantages, especially for larger entities like Russian elites who want to avoid sanctions. Based on this I have a feeling XMR could do well at least in the short-term but potentially in the longer-term as well.
There's also very large bullish momentum divergences forming that indicate a large move to the upside could be happening soon.
Potential targets depend on how quickly wave-c and the entire zigzag are retraced. It's possible that this is a triangle wave-c instead of a terminal, meaning it would be followed by a d-wave, though this seems unlikely. If we a get a wave-d then it won't break all time highs and wave-c likely won't be retraced faster than it was formed. If we get a fast retracement then this should go to around 3k at minimum, but depending on the long-term could even go as high as 20-100k in a few years.
Wave-c is also a potential terminal impulse which means it should be retraced very quickly. To confirm the terminal impulse we must retrace all of wave-c faster than it was formed, and it will likely happen in less than 25% of the time of wave-c.
We've already slightly broken the 0-b trendline so if this gets some follow through we could see a fast move up to new all time highs.
The timing of all waves is virtually perfect and basically all rules are followed from a price, time and structure perspective.
This comes at a time of extremely heightened privacy concerns regarding sanctions targeting Russian crypto addresses and Canadian asset seizures targeting vaccine mandate protestors. Monero is the oldest and most trusted privacy coin, as well as the most liquid and most widely used in dark net commerce so it has several advantages, especially for larger entities like Russian elites who want to avoid sanctions. Based on this I have a feeling XMR could do well at least in the short-term but potentially in the longer-term as well.
There's also very large bullish momentum divergences forming that indicate a large move to the upside could be happening soon.
Potential targets depend on how quickly wave-c and the entire zigzag are retraced. It's possible that this is a triangle wave-c instead of a terminal, meaning it would be followed by a d-wave, though this seems unlikely. If we a get a wave-d then it won't break all time highs and wave-c likely won't be retraced faster than it was formed. If we get a fast retracement then this should go to around 3k at minimum, but depending on the long-term could even go as high as 20-100k in a few years.
Note
Here are some potential long-term targets. It's pretty much all over the place so we'll just have to ride this one up and use proper risk management to exit our trades.
Note
XMR got very close but failed to achieve the terminal confirmation.Now the macro picture has soured and XMR is likely to see a dip along with the rest of the market.
Note
Seems like the dip is over and macro is actually ready to bounce back here (at least a little bit).Should see some more upside, while terminal confirmation is unlikely unless considered from a supplemental price action perspective, it's still likely that from a bigger picture perspective that we formed a zigzag beginning last year, regardless of whether or not wave-c was terminal or not at this timeframe.
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