The massive rally in Augur (REP) is a good test of our new theory in alts. To review, we are going with strength in alts once they spike, trying to buy what dips we can.
Augur (REP) has taken out a small previous 4th wave near 1438. In Elliot speak, going through a "previous 4th" wave means a market is going through the point where the final leg of the bear market began. In the case of Augur (REP), that coin has moved through 1438. That means more upside is possible. From a technical point of view, it would be best to see a daily close above 1438 before getting full tilt bullish.
Bottom Line: If Augur (REP) can close above 1438 and stay above that level, the upside target could be at another Elliot target near 2680. If REP is below 1438, then there may be a consolidation.
Augur (REP) has taken out a small previous 4th wave near 1438. In Elliot speak, going through a "previous 4th" wave means a market is going through the point where the final leg of the bear market began. In the case of Augur (REP), that coin has moved through 1438. That means more upside is possible. From a technical point of view, it would be best to see a daily close above 1438 before getting full tilt bullish.
Bottom Line: If Augur (REP) can close above 1438 and stay above that level, the upside target could be at another Elliot target near 2680. If REP is below 1438, then there may be a consolidation.