You see a beautiful with an correction, I suppose the rise of XVG is just a matter or time. News of XVG aren't too exciting, on the other side XVG hadn't the chance to break out within the last weeks. is low, support around 550 is strong, doesn't show any strong reaction up within the next days or weeks. around ~30 (12h chart), oversold and that's a good sign. Price of XVG around 600 today. I see XVG going up to 1 US Dollar till September. The concept is good, whitepaper and team looks promising as the project itself.
A,B,C retracement is a whole other beast, lots of reading!!
Use those rules/guidelines and you will start discovering elliott waves :)
he also has an advanced video if you are interested.
I used this here for example: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:elliott_wave_theory