Crypto Contest April 7: WAX

WAX (Bittrex: WAXETH) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, WAX began a wave one advance on February 17. The red wave one finished on February 18, and the red wave two correction ended on February 24. The red wave three advance finished on March 14, and the red wave four correction ended on April 3. If this wave count is correct, WAX should be heading next towards the March 14 peak in the red wave five.

(Chart courtesy of Tradingview.com (log scale))

Zooming out in the daily

About the author: Markus Aarnio

I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.