Possible XRPUSD scenario
Updated
Again, this is mostly for my own education and entertainment as I work on my daily practice of counting waves. Having to draw the patterns and describe my thoughts helps me in better understanding things. This isn't trading advice. Trust me on this. Just look at my last analysis and see how utterly wrong I was; you don't want to trade on this. :P
After a recount, this seems to be a valid pattern on XRPUSD.
After the drop down, we had a zig-zag correction (W). This fell short however, as the last wave C didn't make a 100% extension. The impulse wave C sports an extended first wave. Corrections following such an impulse wave often retrace to the level of wave 2 of that impulse wave.
(W) is followed by X, a zig-zag that retraces to 61,8%, straight into wave 2 of wave C of (W).
This would mean we are now in (Y), which extended 100% from X would land to around 0,20-0,21. This would put if in the terminus of wave 4 of the preceding degree (marked with a horizontal line), which is not uncommon for corrections.
I'll do a count on (Y) later on and see if it matches my theory. At first glance, it seems to, but only a detailed wave count will confirm.
After a recount, this seems to be a valid pattern on XRPUSD.
After the drop down, we had a zig-zag correction (W). This fell short however, as the last wave C didn't make a 100% extension. The impulse wave C sports an extended first wave. Corrections following such an impulse wave often retrace to the level of wave 2 of that impulse wave.
(W) is followed by X, a zig-zag that retraces to 61,8%, straight into wave 2 of wave C of (W).
This would mean we are now in (Y), which extended 100% from X would land to around 0,20-0,21. This would put if in the terminus of wave 4 of the preceding degree (marked with a horizontal line), which is not uncommon for corrections.
I'll do a count on (Y) later on and see if it matches my theory. At first glance, it seems to, but only a detailed wave count will confirm.
Note
After a quick wavecount on wave (Y), I think we're looking at a zig-zag:The A-wave of that zig-zag has taken place, and we are now in the corrective wave B. This could head for 0,16 (61,8% retracement of A)
After that, extending wave A by 100% from 0,16 leads us nicely to the area of 0,20-0,21.
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