This ABC correction has been difficult to plot, let alone analyze.
There has been a lot of call for a Wave C (also Wave 2 of higher degree) to retrace to the 0.50 fib of the last series, which is normal for Wave 2. I saw 0.77 as a pretty big line in the sand so disagreed and instead expected a Flat ABC Correction wave. It appears that were going to end up with goofy Wave C as
XRP has broken above the trendline from Wave 5 to Wave B. Because of the irregularity of it all, I hesitate to call the end of Wave C until we make a new high above Wave 5 as this in theory could be a XYZ situation (3-3-3-3-3-3) building.
As always, follow me here and on Twitter @ExsiliumI for updated analysis, relevant news and near real-time PA updates.
There has been a lot of call for a Wave C (also Wave 2 of higher degree) to retrace to the 0.50 fib of the last series, which is normal for Wave 2. I saw 0.77 as a pretty big line in the sand so disagreed and instead expected a Flat ABC Correction wave. It appears that were going to end up with goofy Wave C as
XRP has broken above the trendline from Wave 5 to Wave B. Because of the irregularity of it all, I hesitate to call the end of Wave C until we make a new high above Wave 5 as this in theory could be a XYZ situation (3-3-3-3-3-3) building. As always, follow me here and on Twitter @ExsiliumI for updated analysis, relevant news and near real-time PA updates.
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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.