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 & wave y remains in progress towards $62.04- $38.84 area lower. Near-term, as far as bounces fail below $180.73 high expect pair to extend lower.
Monero XMRUSD Daily Elliott Wave Chart 4.02.2024