XRP Short Elliot Wave 1hr Chart

Based on Elliot wave theory we reached the perfect top of wave 3. Now currently it looks like we will retrace back to the 38.2%-50% level. However keep in mind that sometimes we will see extended waves. Right now the length of wave 3 is the same as wave 1 however because the markets have been recovering and coins are starting break out extended waves are more likely to occur. It's clear however that once we hit that top the price immediately dropped. That doesn't mean wave 3 won't be extended, all it means is that people are using their Fibonacci tools to make their trades. If you look at extended waves you will often notice that the price at that perfect 1:1 ratio is hit and then there is an immediate sell, however the price quickly recovers with little retracement during extended waves. As I write this the candle continues to grow larger so I will assume a retracement then on to wave 5.
Trade active: Updated with possible ABC corrective waves
Trade active: Don't want to get too ahead of myself but this is a possibility. Focus on the price targets rather than the price riding along the lines. I also adjusted wave 4 since I have a bad habit of putting it in wave 1 territory. Make sure not to do that. In that case the price has already fallen to the proper retracement.
Comment: Looks like xrp is struggling on the 4hr chart. Always have stop losses just in case
Comment: I think we'll hit the 55 ema on the 4hr chart and then go up from there
Comment: Fail
Comment: Going back up?
Comment: This is my recount of the waves.
I'm all in on XRP. Hope your new third wave works :)
Woopsie daisy?
@sucky, Whoopsie indeed. Pulled back after breaking the neck line of the inverse h&s
Elliott waves basic rule: Wave 3 must be the longest. Wave 5 approximates wave 1. Correction of C ends near low of prior wave 4 and above the high of prior wave 1
@Stef_Gee, Wave 3 typically the longest but never the shortest. Wave 5 can be longer than wave 3 as long as wave 3 is longer or equal to wave 1. I agree on correction C ending at the high of wave 1. The first commented picture I had it that way but then I realized wave 4 was crossing into wave 1, so I adjusted it but forgot to adjust wave C. Thanks
Stef_Gee bensonwithin
@bensonwithin, The wave 5 occur in this formation : W1+ W2 (.618 of W1) + W3 (1.618 of W1) + W4 (.382 of W3) and then W5 (wich doesn’t hit the low of W3 and retraces above W4)
So W1 equals W5 from top of W4 or .618 X W1 + W3 from the top of the W4 (that was .382)
Just to set the record straight because this is contradictory :
"Wave 3 typically the LONGEST but never the shortest. Wave 5 can be LONGER than wave 3 as long as wave 3 is LONGER or equal to WAVE 1" !?!!
@Stef_Gee, If elliot waves hit the same targets every time and retraced to those exact points every time we'd all be millionaires. You must account for the market. Wave 3 will never be the shortest. It is usually the longest especially in a bull market where we see extended waves. Wave 5 CAN be longer than wave 3 but not typical. But I'm still learning, so thanks for the feedback, I will do a recount and extend my wave 3. I'm still learning but I know for a fact that what I said is not contradictory. If wave 3 does not reach the 1.618 level then wave 5 will overextend itself.
@bensonwithin Would you like to share some timelines for these targets?
@XVGTRON, It depends honestly. Predicting times is pretty difficult
So tonight well see hitting 10k+ sat ?
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