XMRUSD Elliott Wave Technical Analysis 22 November 2022
4 Hour
Monero (XMRUSD)
XMRUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave 5
Direction Next higher Degrees: wave C of Zigzag
Details: The decline of wave 5, the price is likely to trade below 116
Wave Cancel invalid Level: 135
Monero (XMRUSD)Trading Strategy: The drop in wave 5, XMRUSD remains in a downtrend as prices remain below the MA50 MA200 even though the end is near. Entering a trade should wait for confirmation of a bullish reversal first. Because the price is still under pressure from selling.
Monero (XMRUSD) Technical Indicators: The price is below the MA200 MA50, indicating a clear downtrend. The Wave oscillator below Zero-Line Momentum is bearish
Daily
Monero (XMRUSD)
XMRUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Direction Next higher Degrees: Wave (2) of Motive
Details: Decrease of wave C in the Zigzag Pattern but must not reverse below 96.770 in order to rise again
Wave Cancel invalid Level: 96.770:
Monero (XMRUSD) Trading Strategy: The drop in wave C, XMRUSD remains in a downtrend as prices remain below the MA50 MA200 even though the end is near. Entering a trade should wait for confirmation of a bullish reversal first. Because the price is still under pressure from selling.
Monero (XMRUSD) Technical Indicators: The price is below the MA200 MA50, indicating a downtrend. The Wave oscillator below Zero-Line Momentum is bearish
