Hello Crypto traders, today we will talk about Cronos coin from Crypto.com in which we see deeper and bigger (A)-(B)-(C) correction from the highs that can be approaching the end soon.
The main reason why Cronos looks corrective is an Elliott wave running triangle formation in wave (B) in the middle. In Elliott wave theory, we know that triangles cannot occur in wave (2) as part of a five-wave impulse, so it must be wave (B) which indicates for an A-B-C corrective movement. Triangles consist of five waves A-B-C-D-E . Triangles also suggest that the final leg is coming before a reversal, so in our case wave (C) before it finds the bottom.
As you can see, CROUSD chart is already breaking out of wave (B) running triangle pattern and wave (C) can be already in progress. Ideal support we see at the starting point of mania cycle back in October 2021. If we also consider equality measurement of waves (A)=(C), then ideal support zone comes around 0.20 – 0.15 levels and from where we will expect a bullish reversal.
Interested in more Elliott wave analysis? Check our latest video analysis