Watching if BABA completes this Head and Shoulder Formation to hit anywhere from $126 to $130 before reversing again.
This is a short then long position flip that is playing off the third wave down and then on the fourth wave back up. The yellow trend lines show the possible pathway. Short position Entry : 4.785 Stop loss : 4.940 Target : 4.540 Long position Entry: 4.545 Stop: 4.415 Target: 4.775
The chart is self explanatory. Entry, exit, and stop prices are highlighted on the side.
Looks like we have another cup and handle formation that is going to retest and likely break current resistance (red line). This is a modest trade. If XRP continues to be bullish after breaking neck of the cup (orange line) then gains can be even bigger. This trade is to make a little profit and get out just in case the neck of the cup becomes resistance.
A cup and handle formation has been forming for quite sometime and now it seems we are on the positive/long side of it as it is re-testing the strong resistance of around .0895 (red line). This is a medium sized long position that will allow us to take advantage of the current trend while getting out before it reaches resistance just in-case the trend reverses...
A set up for a future long opportunity. Comments welcome
XRP is coming off an ABC correction. The first leg of the next wave looks to be forming. Wave number 3 should be coming soon!