VeChain (VEN) Long Term Analysis

Hey guys and girls!

Today I spend some time trying to figure out the next few weeks for VEN price action. I am still new to technical analysis, so I would love to hear some opinion from those of you who already have much more experience !

I based my analysis on Elliott Wave theory. I looked at the chart from a bigger perspective and tried to identify the primary waves. From what I can see, VEN finished a 5-wave impulse and an expected ABC correction. This means it should begin next 5-wave impulse soon.

To predict the height of the next move I used the Fibonacci levels it reached in the previous 1-5 move. So as you can see: previous wave 3 reached FIB 0.618 and wave 4 retraced to 0.382. Similar move is expected to happen in the next impulse. 

You can find my original idea on Trading View. If you have an account there you can copy the idea, modify it and send the feedback back to me :) Please feel free to comment. Let us learn from each other :)