MYRIA - Elliott Wave Analysis
In the first rally we can count 5 Waves up (white 1) followed by a retracement into the typical Wave 2 support (white 2) between the 0.786 (at ~0.0048) and 0.5 (at ~0.0098) Fibonacci retracement where we got a bounce from (green 1).
We assume the latest bounce was the 1st Wave (green 1) of the 3rd larger Wave (white 3) and we are currently testing the Wave 2 support which is shown in the chart.
Now we expect the 3rd Wave rally (green 3) of the larger 3rd Wave (white 3) to come.
The first target of the green 3rd Wave is ~0.23 - 0.24 which is also the 1 to 1 target of the white 3rd Wave. Duo it being an "altcoin" it is possible to get an extended Wave 3 with shallow retracements along the way due the bullish market sentiment at the moment.
Additionally it is possible to draw a cup and handle pattern where the decline of the past days is the handle in form of a downtrading channel. Here you would be looking for a break and retest of the channel.
A sustained drop below 0.0082 decreases the probabilities of the imminent bullish set up and indicates a potential reset of the white Wave 2.
NO FINANCIAL ADVICE.
We assume the latest bounce was the 1st Wave (green 1) of the 3rd larger Wave (white 3) and we are currently testing the Wave 2 support which is shown in the chart.
Now we expect the 3rd Wave rally (green 3) of the larger 3rd Wave (white 3) to come.
The first target of the green 3rd Wave is ~0.23 - 0.24 which is also the 1 to 1 target of the white 3rd Wave. Duo it being an "altcoin" it is possible to get an extended Wave 3 with shallow retracements along the way due the bullish market sentiment at the moment.
Additionally it is possible to draw a cup and handle pattern where the decline of the past days is the handle in form of a downtrading channel. Here you would be looking for a break and retest of the channel.
A sustained drop below 0.0082 decreases the probabilities of the imminent bullish set up and indicates a potential reset of the white Wave 2.
NO FINANCIAL ADVICE.
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