TRON (TRX) Analysis - Bullish Outlook

Plenty of hype surrounding this coin that is yet to describe a code/node/blockchain product. Justin Sun seems to want to concentrate on marketing and creating hype before delivering any real product. Price movements and trends would indicate a potentially bullish outlook for now.

Chart described:
Blue curve - early slingshot to drive pricing into the downward pointing triangle
Purple triangle - downward bullish indication as sellers lose steam, buyers enter
Elliot wave from lower point of bullish triangle.

First attempt at charting, any ideas appreciated :)
PS. Not financial advice, just my first idea on what could eventuate :)
Sashdan jackspacee
@jackspacee, how do you form the elliot wave? I understand that you predict that the coin first tests its ATH. But how do I get realitic values of 2, 3, 4 and 5?
jackspacee Sashdan
@Sashdan, so I worked on these assumptions using common Fibonacci levels seen in stock movements. Again, I'm new but from what I've read the most common fibonacci retracements seen are - 38.2%, - 50%, and - 61.8% (for wave 2 and 4). Most common extensions are 61.8%, 100%, 138.2%, 161.8% and so on (for wave 3). So for each wave I chose the following levels based on those assumptions:

Wave 1 tests the previous ATH

Wave 2 is based on a 50% retracement of wave 1

Wave 3 is 2.618 times the wave 1 level (this is an extended wave)

Wave 4 retraces approximately 38.2%

Wave 5 extends a similar length to original wave 1 to end the cycle

That's what I get from reading a few resources. A lot of assumptions... I am yet to read it but I hear "The Elliott Wave Principle: Key to Market Behavior by Robert Prechter" is an excellent book explaining Elliot Waves. Plenty of online resources as well :)
Sashdan jackspacee
@jackspacee, thanks a lot for the explation and recommendation!
jackspacee Sashdan
@Sashdan, no problems :)
what is your MACD telling you ?
@Alminc, initially as the slingshot led to the triangle forming MACD showed signs of being overbought, MACD rising above the signal line and then falling indicating time to sell as entering the triangle. On close zoom, as the price approaches the end of the triangle (bottom/current time) MACD stabilising and reversing indicating the uptrend and breakout of the downward bullish triangle? MACD new to me so could be interpreting that all wrong, any thoughts for me?
DE Deutsch
EN English
EN English (UK)
EN English (IN)
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Startseite Aktien-Screener Devisen-Screener Krypto-Screener Wirtschaftskalender So funktioniert es! Chartmerkmale Hausregeln Moderatoren Webseite & Brokerlösungen Widgets Stock Charting Bibliothek Feature-Anfrage Blog & Nachrichten FAQ - Häufige Fragen & Antworten Hilfe & Wiki Twitter
Profil Profileinstellungen Konto und Abrechnung Meine Support Tickets Support kontaktieren Veröffentlichte Ideen Followers Ich folge Private Nachrichten Chat Abmelden