Looking at VeChain, technical developments are exciting. First, we see that VeChain (VET) is right up against horizontal resistance that the 38% retracement of its recent move down. That level should create a pause and allow for profit-taking.

In the event VeChain blows through the 38% level near 81, the next upside target could be 111. The 111 level is the possible location for a "previous 4th." A previous 4th is Elliot Wave jargon for the point where the final significant decline began. It is typical for bear markets to correct by rallying to this level and even beyond it.

Bottom Line: VeChain (VET) is up a lot in percentage terms. If VeChain (VET) continues to rally from here, it could sign of both a fundamental turn around in this coin and possibly the start of a full-on alt season.

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