Here's one of my 2 micro timeframe counts for XRP. As you can see, Wave 2 (Pink) has already reacted nicely to the 0.618 Fibonacci level,(the golden ratio), and it looks like we're currently forming a lower-degree Wave 1/2 before potentially launching into an impulsive Wave 3.
That said, the recent move up from the Wave 2 (Pink) low looks quite corrective, which is why I’m still considering the possibility that Wave 2 isn’t fully complete and may be forming an ABC within Wave Y. Price action will be the ultimate guide here.
Disclaimer: This analysis is for informational and educational purposes only and should not be considered financial or investment advice. All trading involves risk, and you should perform your own due diligence before making any trading decisions. The author is not responsible for any losses that may arise from reliance on this content. Always trade at your own risk.
That said, the recent move up from the Wave 2 (Pink) low looks quite corrective, which is why I’m still considering the possibility that Wave 2 isn’t fully complete and may be forming an ABC within Wave Y. Price action will be the ultimate guide here.
Disclaimer: This analysis is for informational and educational purposes only and should not be considered financial or investment advice. All trading involves risk, and you should perform your own due diligence before making any trading decisions. The author is not responsible for any losses that may arise from reliance on this content. Always trade at your own risk.
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.
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.