✴️ Immutable X Correction + 2.46 Next Target (265% Potential)

21 Sep 2023

Immutable X (IMXUSD) produced a very strong bullish breakout recently signaling the end of a very long correction.

We know this correction to be over because the growth in the last 9 days exceeds 70% and we have a perfect ABC Elliot Wave pattern.

My projection for the next target as this new bullish wave develops is around 2.46. This target would be Wave 3 of a bullish impulse move of a higher degree than shown on this chart, based on Elliot Wave theory. This implies that a fourth and fifth wave are due before the entire pattern is complete.

This whole process can last between Q2 and Q3 2024 at which point a new ATH would be in and a strong correction follow.

For this pair the bottom was hit December 2022.
If we project the end of the fifth wave happening around mid-2024, that would be 1.5 years of bull-market which sits perfectly with the 4 years Cryptocurrency market cycle.

👉 Maybe that's going too far ahead... But what looks pretty certain is the development now of a new bullish wave.

Namaste.