OmiseGO Is Nearing Strong 1.0 Support Area
Dec 8, 2022


OmiseGO is nearing strong 1.0 support area, as we see it finishing an irregular/expanded flat correction from Elliott wave perspective.

OmiseGO with ticker OMGUSD is bearish or sideways for the last two years, but it can be now finishing a bigger A-B-C irregular/expanded flat correction in wave (2), where we are tracking final stages of wave C.

OmiseGO Is Nearing Strong 1.0 Support Area Daily Chart
OMGUSD Daily Chart

As you can see, wave C has a clear five-wave drop and it’s already trading in final stages wave »v« of C that can be completed by a five-wave cycle of the lower degree. So, OMGUSD will ideally stop around 1.0 level or sligthly lower, but it’s strongly recommended to wait for sharp or impulsive recovery to confirm support in place and bullish reversal.

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