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 last year’s lows. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((A)) ended at $363.96 low. Wave ((B)) ended at $443.14 high and wave ((C)) ended at $136.35 low. Near-term, as far as dips remain above $136.35 low then it can start the next cycle higher.
Monero XMRUSD Daily Elliott Wave Chart 7.29.2021