SUMMARY
TRON (TRX) has been correcting but marginally putting in lower lows. That is always indicative of seller depletion. The first blue five waves setup the scenario for the abc correction and it resulted in a zigzag (5,3,5) as shown by the subwaves. The question is, what next as price has broken out of the down trend.
An hourly chart shows wave and pattern details not visible through 4 hour or daily time scales. The breakout was impulsive as shown by the blue waves. Elliott Waves states that after five waves, there is a requisite correction. This is shown by the downward wedge pattern that is encasing the resulting abc waves. IF this is complete, then the waves will likely start a new impulse set of waves upwards! What woudl that mean? Higher highs can be expected.
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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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