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THORChain (RUNE)

Rune is another crypto project which has great features and possibly a bright future. After the corrective wave hit 0.382 Fibonacci retracement, it seems Rune is oscillating. It is too soon to conclude that the corrective wave is finished, it might go further down. However, there are two lines, one horizontal and another a downtrend, which can help us figure this out. Let's see what happens.

Note

So, RUNE went up the big inverted wedge pattern, broke the upper line and now in correction wave. Most probably, RUNE will spend some time in the correction phase and then the upward wave continues. Let's see what happens.

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So, RUNE is almost ready to continue Its upward phase. Let's see what happens.

Also, on a higher timeframe, weekly, we can see that RUNE has the potential for much more growth. In its first upward phase, RUNE rose almost 200,000%!!! So, can RUNE go up that much again? Two scenarios could play out: either an A-B-C pattern or a classic 5-wave pattern. Let's see what happens.

P.S. RUNE already rose 1300% from the previous low.

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So, RUNE broke the minor downtrend line and is going up toward the inverted wedge pattern upper line. Let's see what happens.

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So, RUNE made another pullback on the broken major line. It seems a triangle pattern is forming, or a Head and Shoulders pattern. Be careful, if RUNE breaks the lower yellow line, that means the Head and Shoulders pattern is confirmed, and that means RUNE's correction will continue further. But, if RUNE breaks the blue downtrend line, that means RUNE's correction is finished. Let's see what happens.

Note

So, RUNE made the third pullback on the broken major line but didn't break the Head and Shoulders' neck line; a close one. Then RUNE went up and broke the downtrend line, giving the first signal for upward continuation. For final confirmation, RUNE needs to break above one of the shoulders. Let's see what happens.

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So, it turned out that RUNE's correction wave ii is unfolding in a descending channel, currently at the bottom. For upward continuation, RUNE first has to break the minor downtrend line within this channel, then, of course, the channel's upper line. Let's see what happens.

SaeedSalehinia

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SaeedSalehinia