When it comes to brand new cryptos like MATIC, accurate Elliott wave analysis can only be accomplished once it completes or almost completes a full minor cycle.
In my opinion, we have yet to see a full minor cycle for MATIC including completion of its corrective wave.
There are a few possibilities of where MATIC is at in the big scheme of things and this is one of them.
In my previous analysis MATIC/USDT Forecast Analysis, I had indicated that it was in its corrective wave formation. I hope this free analysis has brought in some profits for you to date.
In this analysis, I demonstrate how this corrective phase began a little earlier than previously indicated and that we are approaching the end of its corrective phase. On this chart, I have marked out sub-waves 1-5 of the impulse phase (25th April to 8th June), following which MATIC began its corrective wave formation indicated by sub-waves a-c.
Within the corrective formation in this analysis, we have the a-b wave which started a little earlier on 5th August. I have also further subdivided this into impulse waves. indicating we are in the middle of this a-b wave formation with the possibility that sub-wave 5 of the a-b wave is yet to be complete.
Whether we have begun sub-wave 5 or not depends on whether MATIC retraces downwards from here. It also depends on how much it retraces. Upwards movement from here would mean it has already begun the final sub-wave 5 of this a-b formation. (The little arrow indicates that it may have retraced enough or it may retrace further.)
Following completion of the 5 sub-waves of the a-b, MATIC will follow with the b-c of this correction. The b-c markings on this chart are a guide and not an absolute indication of magnitude or duration of the proceeding wave formation.
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