XRPUSD: Common Sense Elliott Wave Analysis
I love hearing a person describe the way they’ve performed something as, “common sense”. You should, too!
Ok enough jokes. Basically, I’ve used Zig Zag volume and RSI to identify possible EW waves. I applied Fibs to confirm a possible count as valid. I kept it up until found a count that checked all the boxes.
Edit: Forgot to mention I also used the mid line of a dynamic fib indicator (orange line) and CM trend bars that overlays colored bars based on EMA, which I’ve configured to displayed (green and red).
This count assumes that primary waves 1 and 2, and intermediate wave 1 of primary wave 3 have each completed as part of an extended cycle wave 3. However, it is possible that cycle waves 3 and 4 have completed instead. If so, then we should expect an extremely pathetic cycle wave 5, which might have completed instead of the intermediate wave 1.
Edit again: I didn’t label minute or lesser waves. For example, in primary wave 3 of cycle wave 1, intermediate wave 5 has minute and minutte waves. Also, I assumed the pattern of cycle wave 2 speaks for itself (hint: it’s a wedge) but I meant to label primary wave 2 of cycle wave 3 as a WXY - the pink lines outline Y. Ok, that should be it.
Happy trading!
Ok enough jokes. Basically, I’ve used Zig Zag volume and RSI to identify possible EW waves. I applied Fibs to confirm a possible count as valid. I kept it up until found a count that checked all the boxes.
Edit: Forgot to mention I also used the mid line of a dynamic fib indicator (orange line) and CM trend bars that overlays colored bars based on EMA, which I’ve configured to displayed (green and red).
This count assumes that primary waves 1 and 2, and intermediate wave 1 of primary wave 3 have each completed as part of an extended cycle wave 3. However, it is possible that cycle waves 3 and 4 have completed instead. If so, then we should expect an extremely pathetic cycle wave 5, which might have completed instead of the intermediate wave 1.
Edit again: I didn’t label minute or lesser waves. For example, in primary wave 3 of cycle wave 1, intermediate wave 5 has minute and minutte waves. Also, I assumed the pattern of cycle wave 2 speaks for itself (hint: it’s a wedge) but I meant to label primary wave 2 of cycle wave 3 as a WXY - the pink lines outline Y. Ok, that should be it.
Happy trading!
Note
A presumption in chart to note: I presumed pw3 of cw3 is going to total less than 1.618 x pw1 of cw3 and, therefore, pw5 of cw5 is going to total approximately pw1+pw3. I based this on iw5’s extension in pw3 of cw1.Note
Note
So much pressure on XRPUSD has built up that my head is about to pop. This thing is set to explode. My inner moon boy wants to disregard all practical targets like .26, .34, .45, etc. and simply target $1.1+.Note
Get your gain faces on!Note
Please disregard this idea and check out the new one I recently published. It supersedes this one.
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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.
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.