I see the current level of .87 to .88 as the top of wave 3. This level also corresponds to a well established resistance/support area from Feb 22 to Mar 4, and back to Jan 16/17, as well as Dec 24'17, and then Resistance of Dec 14'17.
Wave 4 should pull back to the .77 to .79 as that is .382 fib of Wave 3, and corresponds to HA Pivot and non-HA (P+R1)/2.
From there were looking at Wave 5, which could turn out to be the extended wave of this sequence as Wave 3 was not, and could extend as far as HA R1 @ 1.07369, but could also be limited by the wave channel @ 1.01, not to mention the psychological level there of 1.00. In addition, this is also the 1.618 level of Wave 1.
Disclaimer: I am by no means an expert. I am still perfecting my use of Elliott Wave as a trading tool. My insight should not be used a sole use of information to base a trade.
Wave 4 should pull back to the .77 to .79 as that is .382 fib of Wave 3, and corresponds to HA Pivot and non-HA (P+R1)/2.
From there were looking at Wave 5, which could turn out to be the extended wave of this sequence as Wave 3 was not, and could extend as far as HA R1 @ 1.07369, but could also be limited by the wave channel @ 1.01, not to mention the psychological level there of 1.00. In addition, this is also the 1.618 level of Wave 1.
Disclaimer: I am by no means an expert. I am still perfecting my use of Elliott Wave as a trading tool. My insight should not be used a sole use of information to base a trade.
Comment:
The top side extended causing a wave adjustment, with a buy area around .81 now.
Comment:
Price is currently finding resistance at Monthly R1. BTC and ETH have made new highs and I expect XRP to follow very soon.