$XRP - Wave 3 Target 0.40 - Beyond 0.43-44
Yesterday I predicted that we were at the end of the correction wave. Unfortunately it was 3 hours earlier than I had plotted, and 0.0012 above the bottom.
This strong push up, that equals 2/3 of the last series, means that this next series is going to go higher than earlier expected. Right now the bottom of this correction wave seems to be in place at the 0.382 fib of Wave 1. A 1.0 fib ext of Wave 1 would put the next impulse wave beyond the scary red line sitting at 0.38 with a target of 0.40-41.
The Monthly R4 is at 0.40635 which would line up nicely with the 1.0 fib, but the 1.272 fib ext lines up nicely with the Monthly (R4+R5)/2 at 0.42009, so either seem likely.
Beyond this we could see Wave 5 topping at 0.44-45. There is a long standing trend-line there from March 2018 to Sept 2018. In addition this area has provided support several days between June 2018 and August 2018, as well as between September 2018 and December 2018, of which failed to break as Resistance on December 24th.
I do not see a push beyond 0.45 without a correction to 0.39-40 first, and since Wave 2 of the higher degree series was simple, there is a good chance that Wave 4 of the higher degree will be complex and even possibly dip down to the 0.50 fib.
Remember to thumbs up if you agree. Comment if you have questions or even if you disagree.
This strong push up, that equals 2/3 of the last series, means that this next series is going to go higher than earlier expected. Right now the bottom of this correction wave seems to be in place at the 0.382 fib of Wave 1. A 1.0 fib ext of Wave 1 would put the next impulse wave beyond the scary red line sitting at 0.38 with a target of 0.40-41.
The Monthly R4 is at 0.40635 which would line up nicely with the 1.0 fib, but the 1.272 fib ext lines up nicely with the Monthly (R4+R5)/2 at 0.42009, so either seem likely.
Beyond this we could see Wave 5 topping at 0.44-45. There is a long standing trend-line there from March 2018 to Sept 2018. In addition this area has provided support several days between June 2018 and August 2018, as well as between September 2018 and December 2018, of which failed to break as Resistance on December 24th.
I do not see a push beyond 0.45 without a correction to 0.39-40 first, and since Wave 2 of the higher degree series was simple, there is a good chance that Wave 4 of the higher degree will be complex and even possibly dip down to the 0.50 fib.
Remember to thumbs up if you agree. Comment if you have questions or even if you disagree.
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.