$XRP #Ripple - Disappointing Performance as Monthly Pivot holds
The current Wave count is becoming increasingly difficult to plot, or is just simply beyond my experience with Elliot Wave. This drop over the last 20 hours would seem to make Wave 3.. not a Wave 3. I need to dig into the underlying structure more, and that is going to take some studying. EW is not simple, if it was you would be doing it too :)
Anyway, not to worry. As I noted yesterday, and the day before, I saw indications that LOI was topping out which preceded a minor sell-off. However, for the last two 4H bars, LOI has been increasing and is only 500k from its high yesterday.
All the 4H RSI bullish trend-lines were broken, and with 4H Fisher still down, there is no real confirmation that this minor sell-off is over.
My gut feeling, which is not the best analysis tool in the world, tells me that we shouldn't see any price movement below 0.65, and that this is just a set-up to finally breach past the Monthly Pivot at 0.69.
For confirmation, look for 4H Fisher to turn up, and for a break of the 4H RSI bearish trend-line plotted.
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As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
Anyway, not to worry. As I noted yesterday, and the day before, I saw indications that LOI was topping out which preceded a minor sell-off. However, for the last two 4H bars, LOI has been increasing and is only 500k from its high yesterday.
All the 4H RSI bullish trend-lines were broken, and with 4H Fisher still down, there is no real confirmation that this minor sell-off is over.
My gut feeling, which is not the best analysis tool in the world, tells me that we shouldn't see any price movement below 0.65, and that this is just a set-up to finally breach past the Monthly Pivot at 0.69.
For confirmation, look for 4H Fisher to turn up, and for a break of the 4H RSI bearish trend-line plotted.
=======================
As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
Comment:
Just a heads up - Im going to the Cisco Live conference starting tomorrow and then will be taking some vacation time. So, for the next two weeks I might be stuck on a surfboard or in my room depending on the continuous thunderstorms there for the next two weeks.
