XRP UG-ah-LYXRP has been slowly chopping lower in a mess of overlapping candles. Lower highs and lower lows at the Highest degree. The trend is down and the Elliott Is ugly.
There is a chance here for the trend to shift, but that low needs to hold.
In Elliott Wave, ugly can be useful. An ugly pattern often screams correction. That is the working assumption right now. This structure could still be a complex wave four.
Even though the wave count has not been crystal clear, I am not flying blind. I am using support and resistance to track the structure and wait for clarity.
Here are the levels that matter right now:
3.4005 was the major high
3.0257 and 2.2762 are key reaction zones
2.6510 is the median and the first major line bulls need to beat
1.9736 is the old high that price continues to bounce from
1.9015 and 1.5267 are the potential downside reaction zones if the yellow path unfolds
If this is a correction, there is still potential to hold above 1.62 and send. If that level goes, the structure shifts fast to lower targets.
This is not the time to get brave without confirmation, mo.
Ugly price action can still resolve cleanly. But I want to see an impulsive move through one of these levels, followed by a corrective return to that level. That would offer a more ideal continuation in whichever direction price decides.
Let the level reactions speak first. I will act after.
