MONERO (XMR) Update: TAKE PROFITS! A CORRECTION APPROACHES PONTENTIALLY TOWARDS $85!!!
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SUMMARY
Monero (XMR) has had a beautiful run up! However, Elliott Waves states that after five waves, there is a requisite a,b,c retracement! To that end, the below chart shows how the a,b,c correction price pathway might look. Usually, the c wave retraces as low as the prior wave 4 and that at around $85. So, now is NOT the time to be BUYING Monero but rather it's time to be taking Profit SELL actions. Ladder out and take your profits gratefully and humbly, without a hint of greed! I often ladder out 30% to 50% of position and use the proceeds to ladder back in at the terminal end of the a,b,c correction. The remaining 70% to 50% of position allows me to still gain should prices continue up for a while.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
The hustlers are sending the btc from out of bitconnect straight to Monero. Maybe that will keep the price up?
Momentarily maybe, but if they turn that Monero to something else and then cash it out that can lead the price lower.
Good point
Thank you for the info. Could you please make an update on EOS? We've hit the USD target, where to go now? :)
Thank you on the notice haejin 😁
We will be anticipating the dip of massive profits 😆
actually correction of monero already started in terms of btc after august ... its just not showing up yet in usd graph as btc went up significantly in that period.
This was your count a few days ago:
Yep beat me to it - i was about to post that. Obviously he has seen something in the tea leaves we have not !! I am riding it up at the moment
Same. I regret selling some for cheap, though...
We’ll see but it seems to be in the beginning of Wave 3 of Wave V and the correction was pretty flat.
Target of $260 was made. Price went as high as $217....that's where wave 5 is and perhaps a bit higher. If you want to wait for $260 exactly....that's not the point of targeting.
But what about your Wave IV correction? Was supposed to go to around 150 before the last wave V, no? Isn’t the big big big correction supposed to happen only after the circled Wave v and not the subwave v?
Mmm thank you Haejin. Are you sure there is no last 5th Wave before the deep correction?
Remember, you posted this: https://steemit.com/bitcoin/@haejin/monero-xmr-to-be-devoured-by-the-jaws-of-wealth-target-usd342-200-profit-potential
The wave III was in line and now from your previous post we should be in IV before the V. Did you change your count? Thanks!
Thanks for heads up, blessings!
There may be one last run up to $220-230.
That's the idea. Sold 1/4 of my holdings just to hedge my bets, will sell another 1/4 once we get that run.
Because of this:
The A is too high, should be lowest in price amongst the alphabet.
I agree and I hope we are right, Bitfinex shows an ascending triangle to $250-260.
Thanks a lot @haejin for your teachings.
Yes and this was Haejin count a few weeks ago. Now he changed his wave 3 position. Wondering why.
Time to take profits; laddering out a bit.
@haejin https://www.forbes.com/sites/laurashin/2017/12/05/cryptocurrency-monero-to-be-accepted-by-45-musicians-such-as-mariah-carey-g-eazy-sia-for-holidays/#7558c2b27885
@haejin it appears this news event justifies your 260 target. lots of people buying in
XMR is on fire.
Yep, we had a nice glorious wave V to go before the correction Haejin is talking about :)
How do you reconcile the XMR/USD chart with the XMR/BTC chart? They seem to be in contrast with one another...