Simple analysis on current market structure tells me the following
Elliot Wave 1 breakout was quite enormous and if it is to adhere to elliot wave theory and if the interpretation is correct, the following wave 3 can't be the shortest of the 3 impulses
(1,3,5). Thus the following can be said...
Wave 3 has a minimal target of the yellow overhead horizontal line of approximately $200 to comply with the elliot wave basic principle
Wave 4 correction would ideally fall back to the lower yellow horizontal line which has weekly candle price action support around the $120 target. Giving a 40% price correction which should be in line with healthy bull market structure and timeframe. Given BTC should correct around the same timeframe.
Wave 5 completes the cycle with the target being anywhere above $200 and the ATH. No point in speculating the ATH as price discovery can lead to exaggerated targets however personally the target should be close to ATH of $400-500 as this will represent twice the market cap of MOVR at initial ATH (adjusting for token inflation)
Combined with bagholders offloading at ATH this should be a good final target
Elliot Wave 1 breakout was quite enormous and if it is to adhere to elliot wave theory and if the interpretation is correct, the following wave 3 can't be the shortest of the 3 impulses
(1,3,5). Thus the following can be said...
Wave 3 has a minimal target of the yellow overhead horizontal line of approximately $200 to comply with the elliot wave basic principle
Wave 4 correction would ideally fall back to the lower yellow horizontal line which has weekly candle price action support around the $120 target. Giving a 40% price correction which should be in line with healthy bull market structure and timeframe. Given BTC should correct around the same timeframe.
Wave 5 completes the cycle with the target being anywhere above $200 and the ATH. No point in speculating the ATH as price discovery can lead to exaggerated targets however personally the target should be close to ATH of $400-500 as this will represent twice the market cap of MOVR at initial ATH (adjusting for token inflation)
Combined with bagholders offloading at ATH this should be a good final target