Classical charting has guidelines and rules. Many on X and social media seem to think they can call any congestion zone by any name -- but the rules of classical charting were set down by Richard W. Schabacker in 1934, codified by Edwards and Magee in 1948.
The current congestion zone in
XRP can best be described as a half-mast flag. But there are rules.
According to Richard W. Schabacker, Robert Edwards, and John Magee, the maximum length of time permitted for a flag pattern on price charts is generally considered to be around four to six weeks. Flags that extend beyond this period are viewed with suspicion as they may not fulfill their role as a continuation pattern.
The flag inXRP is now in its sixth week. Should this congestion continue to drift sideways, then the chart is most likely to morph into a yet identifiable chart pattern with yet to be determined implications.
But a strong surge upwards now would complete this half mast flag. The price target implied would represent a total market cap forXRP of a half trillion dollars.
Time will tell. This is the type of education ongoing provided to members of the Factor Service. The Factor Service is about education and does NOT provide real time signals. For real time signals, there are plenty of scammers on X and social media you can turn to.
The current congestion zone in
XRP can best be described as a half-mast flag. But there are rules.According to Richard W. Schabacker, Robert Edwards, and John Magee, the maximum length of time permitted for a flag pattern on price charts is generally considered to be around four to six weeks. Flags that extend beyond this period are viewed with suspicion as they may not fulfill their role as a continuation pattern.
The flag in
XRP is now in its sixth week. Should this congestion continue to drift sideways, then the chart is most likely to morph into a yet identifiable chart pattern with yet to be determined implications. But a strong surge upwards now would complete this half mast flag. The price target implied would represent a total market cap for
XRP of a half trillion dollars.Time will tell. This is the type of education ongoing provided to members of the Factor Service. The Factor Service is about education and does NOT provide real time signals. For real time signals, there are plenty of scammers on X and social media you can turn to.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.