$XRP - Deep WXYXZ Wave 2 Correction - Complete?
Updated
XRP was due for a correction, better now then later as it would have been more devistating to the moral of the traders jumping on board.
I do believe that we have seen the bottom of Wave 2, the correction wave, at 0.36. These things are difficult to count so I have zoomed into the 15m chart to detail the underlying structure of the WXYXZ as I see it. You will notice that I am using HA bars here; that is because it helps visualize the waves easier.
What I have plotted here would be a 3-5-5-3-3 pattern and is far from normal, and to be honest, im not entirely sure that structure is valid for a WXYXZ. Your typical ABC correction is a 5-3-5, but there can also be 3-3-5 patterns. In the complex correction combination wave we see now we would normally look for a 3-3-3-3-3, but its simply not there from my point of view. It could be that the structure is a 5-3-5-3-5, but it would be a very dirty interpretation and even less valid in my opinion.
Here is some reference material: elliottwave.net/educational/basictenets/basics3.htm.
Let me be clear; I am by no means a EW expert and these complex waves are, well... complex. There is an established trendline for this correction wave. A break above that should signal the end to the correction.
Upside target for the end of Wave 3 looks to be around 0.55-56 which is also the Monthly R5.
There is a historical resistance level at 0.52.
I do believe that we have seen the bottom of Wave 2, the correction wave, at 0.36. These things are difficult to count so I have zoomed into the 15m chart to detail the underlying structure of the WXYXZ as I see it. You will notice that I am using HA bars here; that is because it helps visualize the waves easier.
What I have plotted here would be a 3-5-5-3-3 pattern and is far from normal, and to be honest, im not entirely sure that structure is valid for a WXYXZ. Your typical ABC correction is a 5-3-5, but there can also be 3-3-5 patterns. In the complex correction combination wave we see now we would normally look for a 3-3-3-3-3, but its simply not there from my point of view. It could be that the structure is a 5-3-5-3-5, but it would be a very dirty interpretation and even less valid in my opinion.
Here is some reference material: elliottwave.net/educational/basictenets/basics3.htm.
Let me be clear; I am by no means a EW expert and these complex waves are, well... complex. There is an established trendline for this correction wave. A break above that should signal the end to the correction.
Upside target for the end of Wave 3 looks to be around 0.55-56 which is also the Monthly R5.
There is a historical resistance level at 0.52.
Note
I should note that I am highly biased to the upside as I hold a significant amount of XRP.Note
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