My latest counting for XEMUSD and XEMJPY, must be corrected, according to principles of Elliots Waves Theory. I know that many say, that it not works in crypto or forex or even elswere. For me this theory works, but is very hard to implement in daily trading, and deliver too many possibilities of counting, that often lead to losses on market. But i try to publish my works here, and will be very glad if someone with experience in Elliots Theory help me to determine if my counting is correct.
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Bigger picture in XEMJPY (similar to XEMUSD pair)
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So if XEM will pass 34JPY (30cents) resistance area, and go minimum to 50-55JPY (45-50cents), bullish counting will be in play.
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Situation in corrective triangle XEMJPY
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XEM try to push higher but his volume is not convincing. This slowly pushing may lead to retest the area of top @ 34,6JPY (little lower or little higher).
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With this move made by Bitcoin we will see now if BTC will steal the show or after few days alts like XEM can do his own bullrun. If not bullrun in XEM will be postponed but for me is imminent in the future.
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Volume is thin, so wee need bullish confirmation on this moves (breaking 33-34,5JPY area with much more volume)
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Nice breakout of formation. If You want to play this formation buy on retrace to 30cents (33JPY) area.
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Potencial target for this formation 57JPY(around 50cents)