AVAX continued to decline until last Friday. Then, however, there was a change of direction and the price shot up by more than 12%. This development strengthens our assumption that the downward swing was merely part of the substructure of the current (corrective) upward movement. We now primarily expect the magenta wave (b) to bring further significant increases. It should only end below the resistance at $56.43, where a fresh sell-off should replace it. The price should then fall back significantly to complete turquoise wave 2. However, our alternative scenario (48% probable) should be considered, which calls for sustainable rather than corrective gains. It comes into effect on a break of the $56.43 mark and already sees the coin in the turquoise-colored wave alt.3.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.