$XRP #Ripple - 2018 Low Breach - Bullish Engulfing - Int.Wave 5
Updated
The 2018 low of 0.459 was breached and rebounded... twice, over the last 16 hours. The last rebound was 0.04 and is a bullish engulfing bar, altogether a very strong bullish signal IMHO.
This would mark the end of Minor Wave 5 and would now start the correction waves. Price has to go above Minor Wave 4 at 0.496 to indicate a potential new bullish impulse series, and I fully expect this to happen today.
I see what is the completion of Intermediate Wave 5 (yellow). If this hold true we can see 0.54066 (0.382 of yellow impulse wave) in a corrective wave scenario, with 0.57164 (0.50 fib) possible, but with a breach above signaling new bullish Intermediate impulse wave.
Right now (P+S1)/2 is sitting right above Intermediate Wave 4 and would normally provide resistance, but were approaching the end of the month and it becomes less relevant the closer we get.
To be clear, and at great risk to my reputation, I am calling a reversal here.
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As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
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You may notice some of my previous chart posts are gone. That is because I had some of my previous posts hidden by moderators as they had links to my twitter and patreon accounts. I guess doing that is limited to the highest tier subscription account.
This would mark the end of Minor Wave 5 and would now start the correction waves. Price has to go above Minor Wave 4 at 0.496 to indicate a potential new bullish impulse series, and I fully expect this to happen today.
I see what is the completion of Intermediate Wave 5 (yellow). If this hold true we can see 0.54066 (0.382 of yellow impulse wave) in a corrective wave scenario, with 0.57164 (0.50 fib) possible, but with a breach above signaling new bullish Intermediate impulse wave.
Right now (P+S1)/2 is sitting right above Intermediate Wave 4 and would normally provide resistance, but were approaching the end of the month and it becomes less relevant the closer we get.
To be clear, and at great risk to my reputation, I am calling a reversal here.
===========
As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
===========
You may notice some of my previous chart posts are gone. That is because I had some of my previous posts hidden by moderators as they had links to my twitter and patreon accounts. I guess doing that is limited to the highest tier subscription account.
Note
Price should break above 0.496, Minor Wave 4, very soon, probably within the next 2-3 hours. I will be publishing a new chart once that is triggered.Note
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