✴️ Syscoin | EW Bullish Impulse (5-Waves Up)
Here we have a potential wave count for the developing bullish impulse based on Elliot Wave theory on the Syscoin (SYSUSDT) chart.
Two things are quite clear for us:
1) The drop from Dec. 2021 to June 2023 as a major move down.
2) The consolidation phase as a the extension of the correction.
After a correction, a new move develops.
Another things that is perfectly clear, is the first wave (Wave 1) in January 2023. We can see 6 green weeks.
Wave 2 is also quite clear but this will be confirmed only if we get wave 3 and that's the projection.
Elliot Wave Theory Conclusion
✔️ Since we have a corrective pattern after a major bearish move followed by a bullish breakout, we know that we are in a new move which in turn must be either an inverted correction (upwards zig-zag or flat) or a new bullish impulse.
Namaste.
Two things are quite clear for us:
1) The drop from Dec. 2021 to June 2023 as a major move down.
2) The consolidation phase as a the extension of the correction.
After a correction, a new move develops.
Another things that is perfectly clear, is the first wave (Wave 1) in January 2023. We can see 6 green weeks.
Wave 2 is also quite clear but this will be confirmed only if we get wave 3 and that's the projection.
Elliot Wave Theory Conclusion
✔️ Since we have a corrective pattern after a major bearish move followed by a bullish breakout, we know that we are in a new move which in turn must be either an inverted correction (upwards zig-zag or flat) or a new bullish impulse.
Namaste.
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