XRP Elliott Wave Count Update

XRPUSD

This is an update of my previous Elliott Wave Count on XRP,

, where I was assuming that the rise from the $0.1750 lows was a wave 4, it was clearly not. So here is the new updated version:

The XRP-USD pair has been in a long-term Bear Market ever since the beginning of January of 2018, correcting the previous multi-year Bull Market. It seems to be unfolding as a Triple Three Correction, www.fxstreet.com/education/an-el... , of which we have already trace wave W,X,Y,X and are currently tracing wave Z, which starts at the June high in 2019, at about $0.50 USD. I will explain the last wave Z in detail later, here is the long term overall count:

Cicle Wave Y, which starts at around $0.50 USD, subdivides in 3 waves, A,B,C, from which we have already trace waves A,B and are currently tracing Primary Wave C. Primary Wave C, subdivides in 5 intermediate waves, from which we already trace Intermediate Wave 1, Intermediate Wave 2, and are currently tracing Intermediate Wave 3.

Intermediate Wave 3, subdivides into another 5 smaller waves, from which we have already trace Minor Wave 1 (from around $0.315 USD to around $0.175 USD), potentially Minor Wave 2 (from around $0.175 USD to $0.254 USD), and are currently tracing Minor Wave 3 which could take us all the way down to around $0.10 USD in a month or so.

Yet still, after that, we will still need to trace Minor Wave 4, Minor Wave 5, Intermediate Wave 4 and Intermediate Wave 5 to finish Primary Wave C. Meaning it could still be several months before we hit bottom on XRP, regardless of the level we reach. That is if this Elliott Wave Count is the correct one, I’m not warranting it is.

On the other hand, we almost made a Dark Cloud Cover Candle today, www.freeonlinetradin...ark-cloud-cover.html ,except for not reaching the upper part of yesterday candle. Bitcoin also looks ready for a pullback,

, RSI is close to the overbought level around 70.

This might not be a bad place to short with stop at $0.2550 USD and a $0.10 USD price target. That is just my opinion, not a recommendation.

Good Luck to You

Trade active

Trade active:

I’m updating my Elliott Wave Count on XRP, it is basically the same as the old one, except that I’m placing the end of Primary Wave B at the October 26, 2019 highs of $0.3149 USD instead of the September 18, 2019 highs. From there, Primary Wave C started with a 5 move impulse wave to the downside, of which we had already seen Intermediate Wave 1, Intermediate Wave 2 apparently, and it looks like Intermediate Wave 3 has started. Yet, we are still missing Intermediate Wave 4 and 5 as seen on the chart below.

Good Luck to You

Trade closed: stop reached