IMX/USD Has huge upside potential if this support zone holds
Updated
Hello traders,
I leverage Elliott Wave to identify patterns in the market but pair 3 other crucial components with it to execute a full trading system called the NewWave System.
This chart highlights how IMX could have the potential to create a new cycle towards the upside. It pulled back to a .618 retracement of previous cycle, we have a double tap on crucial support zone of previous cycle and our current rally is steep enough to potentially work its way through the red resistance zone as the start of something.
Let me know in the comments below if this looks appealing to you or if you see something more concerning OR optimistic than I've highlighted here.
Creating successful traders,
NewWave Traders
I leverage Elliott Wave to identify patterns in the market but pair 3 other crucial components with it to execute a full trading system called the NewWave System.
This chart highlights how IMX could have the potential to create a new cycle towards the upside. It pulled back to a .618 retracement of previous cycle, we have a double tap on crucial support zone of previous cycle and our current rally is steep enough to potentially work its way through the red resistance zone as the start of something.
Let me know in the comments below if this looks appealing to you or if you see something more concerning OR optimistic than I've highlighted here.
Creating successful traders,
NewWave Traders
Comment
Where price pivoted at time of analysis created a clean invalidation if this downtrend was going to continue. I haven't traded IMX as it's not on my main exchange but wanted to get back and update my profile on Tradingview as I plan to be more active with its updates moving forward. You can see where the low was broke which confirmed the rally was a corrective connecting leg to the downside which took my first 2 wxy patterns and made them a larger complex correction and the first leg of it.
Analysis on this asset will not be available moving forward. I'll be posting some other altcoins I'm trading instead.
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tradethewave.com
Get my #1 Strategy Free Here:
ew.tradethewave.com
Get my 2024 Alctoin Portfolio Free at
tradethewave.com/optin
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