Am I missing something? XRPEUR textbook bullflag?
Hello,
A lot of people on here call for lower prices for the XRPEUR pair. In my opinion, however, XRPEUR builds a textbook bullflag. Actually, within that bullflag, price already touched the 0.382 Fibonacci level, which is thought to be the normal (maximum) retracement of the second wave of a new Elliot waves Cicle.
Once XRPEUR breaks the triangle upwards, price targets are the 1.618 and the 2.618 Fibonacci levels. Because the flagpole's size was a surge in price of about 150%, I would assume that XRPEUR would attempt to reach the 2.618 level.
Certainly, if the triangle breaks downwards, price may visit the 0.382 Fibonacci level again.
What is your opinion? Am I missing something crucial in my analysis?
* Note that I am using the Log-scale.
--- DISCLAIMER ---
This information is NOT a trading, investing, buy, or sell advice.
This information is a personal opinion and to be used for educational purposes only.
A lot of people on here call for lower prices for the XRPEUR pair. In my opinion, however, XRPEUR builds a textbook bullflag. Actually, within that bullflag, price already touched the 0.382 Fibonacci level, which is thought to be the normal (maximum) retracement of the second wave of a new Elliot waves Cicle.
Once XRPEUR breaks the triangle upwards, price targets are the 1.618 and the 2.618 Fibonacci levels. Because the flagpole's size was a surge in price of about 150%, I would assume that XRPEUR would attempt to reach the 2.618 level.
Certainly, if the triangle breaks downwards, price may visit the 0.382 Fibonacci level again.
What is your opinion? Am I missing something crucial in my analysis?
* Note that I am using the Log-scale.
--- DISCLAIMER ---
This information is NOT a trading, investing, buy, or sell advice.
This information is a personal opinion and to be used for educational purposes only.
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.