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XRP LEG2 ABC CORRECTIONhello guys i hope you are well this time i think that the leg2 of elliot waves must do an ABC correction PATTERN. instead of doing just a correction from 0.50 to 0.45 xrp is doing the ABC PATTERN. why this happens? well because it didnt have to much power to convert the normal down trend in an upsidetrend inmediatly, and this happened 90% of times in al crypto market. some times that 10% its just a big pump as we remember in july 2021 or the Bigest Bullrun in history in february march last year.
BITFINEX:XRPUSDLong
by CoinPlusTrader
1
TESLA - Time to recharge batteries? Looking at Tesla from an Elliot Wave perspective shows a very bullish uptrend since inception of the stock itself. Corrections & Bear Markets are there to beat you down and make you want to give up, and once in a while we are do for a big one. Looking at the chart I see a completion of Macro wave III which started in June of 2019. This was a huge move for Tesla gaining approx. 3,350%. Yes you heard that right, so when we see a large pull back, we shouldn't question it. The current correction can have many complex variations in Elliot Wave Theory, so far I see an ABC down complete, a correction up for wave (X), and now working on (Y) which should be in 3 waves as another ABC that could bring the price down to $138 as a 1:1 extension of wave A from top of wave (X). If it decides to go even deeper, suppose we have a drastic recession in the world markets including U.S., then the price is allowed to go as low as $28 or a 1.618 fibonacci retracement from wave B of (Y). In a slightly more bullish view, suppose the elections get markets to have a bear market rally and prices start going up, then we have a possibility that we are still not done with wave B of (Y) show in red colored ABC. However, I see this rally too is likely to fail if it happens; in the end gravity will win brining Tesla down somewhere in the support box (area outlined). Here, a longterm probable bottom as well as a reversal to the upside is likely. Cheers,
NASDAQ:TSLAShort
by Elliot618