Crypto Contest May 20: Tripio

Tripio (Huobi: TRIOBTC) 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, Tripio began a wave one advance on January 29. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on April 7, and the red wave two (blue sub-waves a-b-c) correction ended on May 12. If this wave count is correct, Tripio should be heading next towards the April 7 peak in the red wave three.

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

Zooming out in the daily chart, I believe Tripio is currently in the red wave three (blue sub-wave iii). The red

About the author: Markus Aarnio

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