Crypto Contest November 8: Monero

Monero has broken out of the wedge pattern in the daily chart.

(Chart courtesy of Tradingview.com)
In Elliott Wave terms, I believe Monero is currently in the wave five in the weekly chart. The wave one started in the December 2015, and ended in the March 2016. The wave two correction finished in the May, and the wave three advance ended on the September 3. The wave four correction finished on the October 29. If this wave count is correct, Monero should be heading next towards the September 3 peak.

(Chart courtesy of Tradingview.com)
Zooming out in the weekly chart, Monero is currently most likely in the wave three (sub-wave v). The wave one started in the December 2014, and finished in the March 2015. The wave two correction ended in the December 2015.

(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Monero.

If you think this analysis is correct, upvote this post and upvote the comment "Monero will takeout the September 3 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Monero will drop below the October 29 low".
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