The near-term view is suggesting that the bigger correction against the all-time low unfolded as a double three structure where wave (w) ended at $36.28 low, wave (x) bounce ended at $132.41 high. While wave (y) ended at $24.59 low and with that the correction against all-time lows ended in wave ((II)) pullback. Up from there, rally higher took place as 5 waves impulse structure where cycle degree wave (I) ended at $533.87 high. Down from there, the Monero made a pullback in wave (II) to correct the cycle from March 2020 lows. The internals of that pullback unfolded as Elliott wave double three structure where wave w ended at $155.94 low, wave x ended at $339.49 high & wave y ended at $96.77 low. Near-term, as far as dips remain above $100.27 low and more importantly above $96.77 low expect pair to resume the upside.
Monero XMRUSD Daily Elliott Wave Chart 11.05.2024
