SNX/USD may have a completed complex correction

Gregor Horvat Wavetraders

Today we will talk about cryptocurrencies, specifically SNX Token in which we see pretty nice bullish development from Elliott Wave perspective. Cryptos in general are actually trading at very deep, but important and interesting support zone, from where we can expect a bullish turn.

What we actually see on SNXUSD is an impulsive five-wave rally in 2020 till 2021 and complex W-X-Y corrective decline from 2021 highs into first half of 2022, which suggests a bullish continuation in the future.

Well, from technical point of view, SNX retraced perfectly back to the former wave (4) support area , from where we can already see sharp rebound that can be signal for a completed correction and bullish reversal.

However, keep in mind that real bullish confirmation is only above 8.15 region, so in case if we get an impulsive five-wave recovery up there, then we can easily expect a bullish resumption back to all-time highs.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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