$XRP #Ripple - Called It, Again - Price Limited by Monthly Pivot
I tweeted multiple times to look for an exit at 0.69, as well as putting it in my daily analysis and follow-ups to those analysis.
Price is now at 0.64 and is a good place to re-enter as that is the 0.50 fib of the move from 0.55 to 0.70.
I see two possibilities for this correction wave, an Bullish Pennant (plotted in purple) or a Flat ABC, both of which would basically do the same thing, but with Flat ABC closer to 0.64 before the next impulse wave.
Im not particularly fond of the last 1-2-3-4-5 structure, so much in fact that I feel I must give an alternate count to consider.
We could be in Wave 2 with my plotted Wave 5 actually Wave 1. As long as the price does not go below the plotted Wave 4, this alternate count could still be valid; it largely depends on future waves. Ive seen a lot of Flat ABC correction waves when it comes to
XRP but if Wave C went below Wave 4, it would confirm the plotted wave count and invalidate the alternate wave count.
The next wave should culminate at the bearish trend-line.... OR it could be the end of Wave 3 with Wave 5 extending to 0.84.
=======================
As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
Price is now at 0.64 and is a good place to re-enter as that is the 0.50 fib of the move from 0.55 to 0.70.
I see two possibilities for this correction wave, an Bullish Pennant (plotted in purple) or a Flat ABC, both of which would basically do the same thing, but with Flat ABC closer to 0.64 before the next impulse wave.
Im not particularly fond of the last 1-2-3-4-5 structure, so much in fact that I feel I must give an alternate count to consider.
We could be in Wave 2 with my plotted Wave 5 actually Wave 1. As long as the price does not go below the plotted Wave 4, this alternate count could still be valid; it largely depends on future waves. Ive seen a lot of Flat ABC correction waves when it comes to
XRP but if Wave C went below Wave 4, it would confirm the plotted wave count and invalidate the alternate wave count. The next wave should culminate at the bearish trend-line.... OR it could be the end of Wave 3 with Wave 5 extending to 0.84.
=======================
As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
Related publications
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.