In the near term, a larger correction from the all-time low is believed to have unfolded in the form of a double triple pattern, with wave w ending at the $0.0103 low and wave x rebound ending at the $0.0453 high. While the y wave ended at the low of $0.0065 and with that the correction against the historical lows ended with a wave (II) pullback. The upside followed in the form of a 5-wave impulse structure where wave I of the cycle ended at $0.1844 and is now pulling back to correct the cycle from the March 2020 lows within wave II. The internals of this pullback are in the form of a double three Elliott wave, where wave ((W)) ends at the low of $0.04456. Wave ((X)) ended at $0.1313, while wave ((Y)) is expected to reach the $0.03166-$0.01276 area below around before resuming its upside. In the short term, if the bounces fail below $0.1313, more downside is expected.

Tron TRXUSD Elliott Wave Daily Chart 09/22/2022

Source: https://elliottwave-forecast.com/trxusd/

Source link