My latest counting for XEMUSD and XEMJPY, must be corrected, according to principles of Elliots Waves Theory. I know that many say, that it not works in crypto or forex or even elswere. For me this theory works, but is very hard to implement in daily trading, and deliver too many possibilities of counting, that often lead to losses on market. But i try to publish my works here, and will be very glad if someone with experience in Elliots Theory help me to determine if my counting is correct.
Note
Bigger picture in XEMJPY (similar to XEMUSD pair)Note
So if XEM will pass 34JPY (30cents) resistance area, and go minimum to 50-55JPY (45-50cents), bullish counting will be in play.Note
Situation in corrective triangle XEMJPYNote
XEM try to push higher but his volume is not convincing. This slowly pushing may lead to retest the area of top @ 34,6JPY (little lower or little higher).Note
With this move made by Bitcoin we will see now if BTC will steal the show or after few days alts like XEM can do his own bullrun. If not bullrun in XEM will be postponed but for me is imminent in the future.
Note
Volume is thin, so wee need bullish confirmation on this moves (breaking 33-34,5JPY area with much more volume)Note
Nice breakout of formation. If You want to play this formation buy on retrace to 30cents (33JPY) area.Note
Potencial target for this formation 57JPY(around 50cents)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.