SUMMARY
VERGE (XVG) is undergoing a complex triple combination set of corrective waves. Altcoins just love to put this kind of longer, drawn out correction. This is a prime case of the "wait" phase of the Hurry & Wait syndrome. Corrections at almost all degrees of trends are much slower than the time it takes to complete the impulse waves.
The below chart starts with a classic impulse of five blue waves. From there, WXYXZ corrective waves are labeled. Then each is subdivided into abc zig zag or flats. The X waves are the "glues" that link an abc to another abc. The Z morphed into a triangle, abcde.
Here is the daily chart showing the MACD. The leading indicator (12 day average) is the white line and that is curling up. That's exciting! The curl up can mean that the white line can then converge with the Red (26 day) indicator. When that occurs, the botto could be signaled.
So, could the WXYXZ complex triple combo correction being complete indicate that the corrrection coudl be over with Verge? Tentatively for now and depending on Bitcoin...YES!!
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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