NEXUS (NXS) Update: A Breakout is Needed!

SUMMARY

NEXUS (NXS/USD) completed five waves up and it was near vertical! Such moves almost always result in a deep retrace. A ZigZag was patterned in as wave A and C both ahve five subwaves. The below chart also shows that likely the current C wave position could be a good bottom candidate. However, a breakout in price is needed.

The close up shows that the initial rise was a five wave impulse and not a three wave corrective move (red impulse). The correction since then has consumed time and retraced in a channel between parallel lines. The correciton can basically bedefined as an abc. However, a breakout of price from the channel is needed.

Until that breakout is confirmed decisively, the projected white impulse waves remain with only wave 1 having the probable completeness. Perhaps, overnight price action will deliver the breakout; aided by Bitcoin price strength up!

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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?

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