The correction target I called for three days ago has been reached.
We broke just above the 0.382 fib of the last move downward at 0.31857, as well as the 0.786 fib of Wave A. There is still room for 0.33 and I see indications of some buyers still in the market at this level. I will be looking for an exit today with the goal of buying in again sub-0.25. A 4H RSI break down would be a good signal that we are resuming the downward trend.
The danger of exiting here would be if this ABC was in fact a reversal into a new Impulse series. A break above 0.3582 could be seen as a signal of a reversal.
I will update this chart when/if I exit.
We broke just above the 0.382 fib of the last move downward at 0.31857, as well as the 0.786 fib of Wave A. There is still room for 0.33 and I see indications of some buyers still in the market at this level. I will be looking for an exit today with the goal of buying in again sub-0.25. A 4H RSI break down would be a good signal that we are resuming the downward trend.
The danger of exiting here would be if this ABC was in fact a reversal into a new Impulse series. A break above 0.3582 could be seen as a signal of a reversal.
I will update this chart when/if I exit.
Comment:
Comment:
im out @ .31601
Comment:
Seems to be forming that triangle formation I was pointing out earlier. Technically speaking it would be a bullish formation here, but I am still expecting this to be a resistance area.
Seems to be forming that triangle formation I was pointing out earlier. Technically speaking it would be a bullish formation here, but I am still expecting this to be a resistance area.
Comment:
Comment:
Bearish Divergence on 15M
Comment:
Figures it would go up while i was out for lunch...
I did not buy back in. I still expect it to hit the two (Sx+Sx)/2 areas and stop there.
I did not buy back in. I still expect it to hit the two (Sx+Sx)/2 areas and stop there.
This is the pattern of a correction move in XRP... as you can see it hit the 0.382 fib of the last wave up, then hit the 0.786 of that move back up. I see this over and over again and it usually indicates a standard correction that will continue the move direction, and often will form a triangle or flat ABC. That red line is where I am considering placing a stop loss.