I have refrained to analyse Torum so far since it’s relatively new and for counting long/medium term Elliott Waves, there has to be enough (a few years) data.
Today I was able to count a clear 5 wave impulse up in daily chart hence decided to give it a go. From July 13th, Torum went up in 5 waves as shown in attached chart and now seem to be in reatracement of the rise in leg C of ABC (this could turn to complex correction WXYXZ and we have no way to know as of now but let’s park that for now).
Now this gives us 2 possibilities.
1. We are in uptrend now and once the ongoing correction (ABC or WXYXZ) is over, we’ll rise in wave 3 up and good days are back. But how far wave C can retrace? Based on wave equality principle, I would expect it to be at least equal to wave A, which gives a potential level around 0.023.
2. Second possibility is that the 5 wave rise up is actually larger degree wave A and the ABC correction is larger wave B. Once larger B is over, it’ll rise in larger degree wave C. What happens after larger C is complete? We get a much larger 5 wave decline that would likely take us to all time lower levels.
In short term, we should see a rise in Torum once short term ABC is complete, irrespective of possibilities 1 or 2 mentioned above. Personally, my bias would be towards the second possibility considering the global macros and charts of other major cryptos and stock indices.
Note that this view (both possibilities) gets invalidated if we break the July low of 0.02 before breaking August high of 0.054.
