XMRUSD 1H UPDATE - 18/04/2018
Monero is following the path. After reaching yellow box as per yesterday chart, it turned down. The proposed structure is a FLAT from 202.51 to 192.44. So as long as below 205.60, view is unchanged. Although I would not sell here I expect a new leg below 188.15 to equal leg area at 185.30-181.18 where we should see at least a bounce in a corrective 3 waves.
Invalidation level to the upside is 159.97
Break of 205.60 from current levels would mean green 2 is in place and we would have a bullish sequence and open door to more upside.
On the educational side, monero has been proposing a set of structures that can confuse many in EW especially if the notion of cycle is not understood. I'll do my best to put up a short video for your guys to explain those.
I am referring to why my red -2- is places where it is rather than at the intermediary high, and why most of wavers would see a 5 waves from 188.15 to the high (where is purple -2-). I may be wrong because the 5 waves is legit as it stands but does not fit the all sequence from 205.60. In other words, if it goes higher, count will change, but it goes lower I won't surprised and caught on the wrong side (like buying the retracement from 188.15-202.75 with stops below 188.15).
Monero is following the path. After reaching yellow box as per yesterday chart, it turned down. The proposed structure is a FLAT from 202.51 to 192.44. So as long as below 205.60, view is unchanged. Although I would not sell here I expect a new leg below 188.15 to equal leg area at 185.30-181.18 where we should see at least a bounce in a corrective 3 waves.
Invalidation level to the upside is 159.97
Break of 205.60 from current levels would mean green 2 is in place and we would have a bullish sequence and open door to more upside.
On the educational side, monero has been proposing a set of structures that can confuse many in EW especially if the notion of cycle is not understood. I'll do my best to put up a short video for your guys to explain those.
I am referring to why my red -2- is places where it is rather than at the intermediary high, and why most of wavers would see a 5 waves from 188.15 to the high (where is purple -2-). I may be wrong because the 5 waves is legit as it stands but does not fit the all sequence from 205.60. In other words, if it goes higher, count will change, but it goes lower I won't surprised and caught on the wrong side (like buying the retracement from 188.15-202.75 with stops below 188.15).
Order cancelled:
Well well! I guess I was wrong. Alternate path prevailed. So green 2 in place and bullish sequence. Let's see if we can find a level where to catch it in 1h TF
