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 is doing 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 $136.35 low & wave ((X)) ended at $343.87 high. Now as far as it fails below $289.57 high more downside within wave ((Y)) is expected to reach $77.80- $27.84 area to the downside before the upside resumes.
Monero XMRUSD Daily Elliott Wave Chart 1.11.2023