Ripple started correcting from a high of around 95 cents. Using Elliot wave theory, I created the following chart on May 6 indicating that Ripple could go down 68.7 cents when everyone was bullish (see the chart below - load new bars to see the magic!). Later I called the start of B before it actually started and predicted that Ripple could go up to 85 cents (see below - it went up to 84 cents). In a later post on May 9 I indicated that Wave C is not complete yet and could take Ripple to between 62 and 70 cents (see below).
Now it appears that Ripple has completed all three ABC waves and could move up from here. This target also coincides with 100% extension level of Wave C (i.e. Wave C= Wave A). Keep an eye on the wave pattern that emerges as if the green candles are corrective, Ripple could go down to 54 cents (where Wave C= 1.62*Wave A).
Stay tuned!
Called for the ABC correction on May 6 when Ripple was 87.6 cents.
Called for the start of wave B on May 7
Wave C prediction on May 9
Now it appears that Ripple has completed all three ABC waves and could move up from here. This target also coincides with 100% extension level of Wave C (i.e. Wave C= Wave A). Keep an eye on the wave pattern that emerges as if the green candles are corrective, Ripple could go down to 54 cents (where Wave C= 1.62*Wave A).
Stay tuned!
Called for the ABC correction on May 6 when Ripple was 87.6 cents.
Called for the start of wave B on May 7
Wave C prediction on May 9
Comment:
Ripple is trying very hard to hold the 62% retracement level touched on 11 May despite a lot of negative sentiment about cryptocurrencies, which is a sign of strength. Ripple could move up from here if it is successful in holding this level for a few more days, but if it fails then it could go down to 57 cents (78% retracement level). Keep an eye on the Bitcoin movements.
