1. The cloud is negative meaning lower price is expected into the future.
2. The wide gap also indicate high which is a sign of downward movement.
3. Chinkou span make been making lower low
4. Kinjun - sen have define a clear line of resistance at around $13,200.
Note : price may consolidate around this region before the downward movement
5. Target 1 is chosen because of the action on 17/01/2018. Market can only move higher only when there is evident of no seller within that region. Hence price must test that region again.
6. Target 2 depepend on price and actions when target 1 is achieved.
Hello and thanks for the question. I am sure you noticed the cryptos all pretty much follow Bitcoin price. The reason is they all are traded paired to bitcoin - bitcoin is traded against the dollar. So if bitcoin goes down the others also follow it down usually, although to lesser degrees in some coins. I have not ran elltiott wave on ripple but if bitcoin goes down strongly I would expect ripple to also go down quite an amount. When the coins or if I should say start trading agianst fiat instead of paired to bitcoin then they will all react much differently as they will not follow bitcoin as close in price movements. Good luck with ripple I do not trade it so sorry I cant be of more specific help.