This 1-day chart shows the Elliot Wave Theory with Fibonacci Extension Levels as well as charted support and resistance lines.
March 8th, 2022 to March 19th, 2022 represents the first motive wave in the Elliot Wave Theory.
March 19th, 2022 to April 18th 2022 represents the second motive wave
Utilizing Bollinger Bands I recorded a breakout over the 20 day moving average starting from the price .0173 to .0260.
This breakout is supported by continued strength of the RSI indicator on the 1-day chart as well as a convergence of the 4-hour chart on the MACD indicator.
I believe this breakout over the 20 day moving average, with the support of its strong RSI and MACD convergence, is a clear indication of the beginning of the third wave of the Elliot Wave Theory.
The first and second waves of the Elliot Wave Theory have been legitimized by the clear Impulse sub waves located from prices .0104 to .0264(first wave) and then from .0446 to .0172(second wave). I didn't chart it because I got lazy lol but they're there.
My entry point was .0263 and my exit point will be determined upon completion of third wave.
Fib Extension Levels are colored grey on this chart.
Support and resistance levels are colored yellow.
Elliot Wave Theory Waves are colored pink.
P.s. This is my first official chart so if you guys have anything to say I'm all ears. I'd love some feedback and constructive criticism if you guys or gals have some advice.
Thanks for reading-Jack19992