$XRP - Elliot Wave Demands Correction
Its been a while since I last posted a chart. The continued decline consistently defied my analysis, so I decided I would wait to post another chart until I dumped some more cash into it, which I have at $0.31.
Originally I was looking for $0.25 as that would have been the 0.618 extension from the previous 3-4 wave... but it appears to have stopped at the 0.50 fib instead.
The lesser degree wave appears to have printed a flat ABC, but these often extend into XYZ double or even tripple correction waves... and I really hate trying to predict a correction wave because of this. There are 22 or so variations of correction waves. So yeah...
That said, even the lesser degree formation has failed to reach its 0.382 fib retrace, let alone the higher degree wave which hasnt even hit the 0.236 fib retrace.
If this is in fact the bottom of a 1-2-3-4-5 formation, we should be looking at a retrace to 0.39-40. With the Montly Pivot sitting at 0.41, and the HA(P+S1)/2 at 0.38, this appears to be a solid target.
This is of course assuming our relationship to Bitcoin doesnt pull us down as it falls to 3000. If Bitcoin pushes below 3300 Ripple will be looking at a retest of 0.24 with potential for 0.20 in play.
There is an upside to the news though, Coinbase is looking at listing XRP again.
Originally I was looking for $0.25 as that would have been the 0.618 extension from the previous 3-4 wave... but it appears to have stopped at the 0.50 fib instead.
The lesser degree wave appears to have printed a flat ABC, but these often extend into XYZ double or even tripple correction waves... and I really hate trying to predict a correction wave because of this. There are 22 or so variations of correction waves. So yeah...
That said, even the lesser degree formation has failed to reach its 0.382 fib retrace, let alone the higher degree wave which hasnt even hit the 0.236 fib retrace.
If this is in fact the bottom of a 1-2-3-4-5 formation, we should be looking at a retrace to 0.39-40. With the Montly Pivot sitting at 0.41, and the HA(P+S1)/2 at 0.38, this appears to be a solid target.
This is of course assuming our relationship to Bitcoin doesnt pull us down as it falls to 3000. If Bitcoin pushes below 3300 Ripple will be looking at a retest of 0.24 with potential for 0.20 in play.
There is an upside to the news though, Coinbase is looking at listing XRP again.
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