SUMMARY
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Back on March 27th, I had projected the below price pathway potential for Verge (XVG/USD). It outlined a broad rounded price formation with a correction that was likely to be in a WXYXZ sequence.
The price currently shows the following patterns. The first is a sizable bullish wedge (white) which is followed by a bullish Cup & Handle (blue). Would you say these patterns are bullish or bearish for Verge? Also, note the wxyxz sequence as had been projected.
Now, Elliott Waves show that the initial impulse from the red Z wave bottom has completed (blue). After fives waves, a requisite correction is a must; thus the wxy (red) is about complete, if not already. Now, the white arrow outlines the sizabel rounded price formation that was drawn in the March 27 chart. The purple waves show that waves 1 and 2 are likely complete. Which wave is next? It would be purple wave 3 and wave 3s move the most violently!
Check out the MACD...it's all coiled into a contracting pattern and so poised and ready to support the price action (white arrow).
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