EW count of recent XRPUSD action
Updated
I'll keep this short, as it's mostly meant for my own education.
We started off with an zig-zag correction (W), followed by an expanded flat as (X). We have had the A-wave of the (Y) wave downwards, and are at the moment of writing in what appears to be an ending diagonal on the B-wave.
The ratios seem to make sense, and I believe my lower level wave count also makes sense. It's somewhat clearer on the 3 minute scale, but apparently Tradingview doesn't like ideas being published on that scale. :-)
So, my expectation is that we'll turn downwards around 0,178 and head for 0,168 which is also close to support zone. Perhaps we'll even go a bit deeper, we'll see.
I'll probably enter a short position when I see the ending diagonal finish and break its support, with a stop-loss above the end of wave 5.
We started off with an zig-zag correction (W), followed by an expanded flat as (X). We have had the A-wave of the (Y) wave downwards, and are at the moment of writing in what appears to be an ending diagonal on the B-wave.
The ratios seem to make sense, and I believe my lower level wave count also makes sense. It's somewhat clearer on the 3 minute scale, but apparently Tradingview doesn't like ideas being published on that scale. :-)
So, my expectation is that we'll turn downwards around 0,178 and head for 0,168 which is also close to support zone. Perhaps we'll even go a bit deeper, we'll see.
I'll probably enter a short position when I see the ending diagonal finish and break its support, with a stop-loss above the end of wave 5.
Note
Correction, make that 0,169 as first target, combining both support and extension.Note
I had forgotten about the 15-minute delay on Tradingview for publishing an idea, and what with having to make a new drawing on a 15-minute scale, this post might seem a tad too late anyway. :PNote
A bit more detail on the 3 minute scale, for those interested:Note
I was a bit premature, and had placed a short order somewhat above 0,178, with a stop loss at 0,1791 (just above X). Considering how close that wave is getting to my stop-loss, I'm watching this unfold on the edge of my seat. :PThe most important lesson, regardless of how this unfolds: wait for confirmation first. Always. This could easily be an expanded flat, reaching above the point of X.
Note
Congratulations to me on screwing up that first entry! Thankfully, good money management has ensured the consequences were nicely managed. Now, let's be a patient little fella and wait for a good moment and confirmation. :-)
Order cancelled
Weeelll. That didn't go as planned, now did it? :-)No worries, it was educational nevertheless for me. On to the next!
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