Target 0.56 - Correction or Impulse - #XRPcommunity
Updated
Yesterday I plotted a Wave 3/C target as 0.52361 and price hit 0.51978, very near that target. The trick now is to figure out if this is Wave 4, or a new Wave 1 down. My entry point was going to be at the 0.382 fib of Wave 3 which would be at 0.49312, but there are a few things I am worried about and want to watch for confirmations before I buy more here.
BTC was limited by the Monthly Pivot, dead on. I hate using BTC analysis to justify my XRP analysis, but I simply cannot ignore that BTC influences XRP still. The other concern about BTC is that it hasnt really retraced at all from yesterday's high of 6667.57, just poking the 6571.23. 4H RSI on BTC is also pretty high but last bar dropped below over-bought. 4H Fisher just turned down. Id want to see the reaction to 6512 before I made a new buy decision. I think BTC retracing to its 0.382 could drag XRP down to its 0.50 at 0.48489.
Now heres the really interesting part. Either we just ended the ABC correction wave, or we have are on Wave 4 of a bullish impulse wave. EW Theory says that Wave 4 cannot retrace into Wave 1, which would be below 0.45411. The 0.50 retrace of Wave 3 would still be above that point, so an entry of 0.485 with a stop just below could be a good entry. As noted before correction waves can be problematic, with 21 potential variations, Doubles, Triples, etc.
There was also a descending trend-line that also seems to be a limiting factor for XRP, though not as strong as the trend-line above it which is currently around 0.70.
I will update here and Twitter when I have a clearer buy signal.
===========
As always, this is my personal observation and analysis of the market and is not intended to be trading advice. I can be, and have been, completely wrong in my analysis. I am not trying to identify a trend; a 5 year old can do that. I am trying to maximize XRP holdings by catching the waves as soon as possible. So, while anyone that identifies a trend can be right 100% of the time, finding those tops and bottoms is difficult and prone to error, but by and large I can increase my XRP holdings steadily.
BTC was limited by the Monthly Pivot, dead on. I hate using BTC analysis to justify my XRP analysis, but I simply cannot ignore that BTC influences XRP still. The other concern about BTC is that it hasnt really retraced at all from yesterday's high of 6667.57, just poking the 6571.23. 4H RSI on BTC is also pretty high but last bar dropped below over-bought. 4H Fisher just turned down. Id want to see the reaction to 6512 before I made a new buy decision. I think BTC retracing to its 0.382 could drag XRP down to its 0.50 at 0.48489.
Now heres the really interesting part. Either we just ended the ABC correction wave, or we have are on Wave 4 of a bullish impulse wave. EW Theory says that Wave 4 cannot retrace into Wave 1, which would be below 0.45411. The 0.50 retrace of Wave 3 would still be above that point, so an entry of 0.485 with a stop just below could be a good entry. As noted before correction waves can be problematic, with 21 potential variations, Doubles, Triples, etc.
There was also a descending trend-line that also seems to be a limiting factor for XRP, though not as strong as the trend-line above it which is currently around 0.70.
I will update here and Twitter when I have a clearer buy signal.
===========
As always, this is my personal observation and analysis of the market and is not intended to be trading advice. I can be, and have been, completely wrong in my analysis. I am not trying to identify a trend; a 5 year old can do that. I am trying to maximize XRP holdings by catching the waves as soon as possible. So, while anyone that identifies a trend can be right 100% of the time, finding those tops and bottoms is difficult and prone to error, but by and large I can increase my XRP holdings steadily.
Note
It looks like Wave 4 should be completing soon. With Wave 2 being a complex wave we should see a simple ABC wave here. Being so close to the top of Wave 1 this is a very good long entry assuming you see a bullish target.Note
One more push down - could turn into a flat ABC... before leg up.Note
Note
We hit target and just a little bit lower. I did some reading up on Wave 4 structure and while Wave 4 is not suppose to go into Wave 1 territory it can "slightly" from what Ive read. I plotted out the underlying structures to two lower degrees that support the ABC correction inside of Wave 4.
This would be the time to buy and I did with a limit order that was triggered at .485.
Note
Wave 1 length would put us right at Pivot
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.