Teklologist
Long

XRPUSD: Wave 3 of Bull has started

BITSTAMP:XRPUSD   XRP / U.S. Dollar
Wave 1 is a leading diagonal with subwave 3 reaching less than 1.618x subwave 1. Subwave 5 approximately equals sum of subwaves 1 and 2. Use left-side fibs for subwave lengths that are based on 16 March start price $.14108 and subwave 1 price.

Wave 2 is a WXY correction ending at about .618 of Wave 1. Use right-side fibs that are based on start price and subwave 5 price $.20245.
Comment: To be thorough, here is another plausible count based on an even further extended subwave 5 followed by a more traditional ABC corrective Wave 2.
Comment: To be honest, I just like making charts :p
Comment: I shared this chart in comments section and will post here for convenience to everyone. The dotted lines represent buying targets only if reached after a bounce at a higher price. For example, if price bounces at the bottom of the pink channel.

Based on the two depicted descending channels, xrpusd has a high probability to reach at least $.37 to touch top of pink channel upon breakout of white channel. It could then retrace to about $.33 to confirm the white channel breakout or directly continue to breakout of pink channel.

Also, $.37 approx aligns to a wave 3 target of 2.618x wave 1.
Comment: Update

Comments

whats your 3rd wave target?
Reply
@Kiyanty, W3 can end at about any of the targets below, but T2 and T3 have higher probabilities. I’ll probably sell some at each target and save a little in case wave 3 extends further. If only T2 isn’t reached then wave 5 should be extended. If T3 isn’t reached then there’s a chance Wave 5 will be extended.

T1: $.25
T2: $.30
T3: $.40
Reply
@Kiyanty,
“If T2 isn’t reached” didn’t mean to say “only”.
Reply
@Kiyanty, check out my other XRPUSD idea that this one links to. It shows a completed falling wedge. Could cause price to sky rocket past any of the targets that I mentioned in my previous comment. Also, price could quickly rally to $.37+ based on the channels I show in this chart. Therefore, I’ll likely hold xrpusd to sell at probable higher targets. Bounces at the targets I already mentions are still likely, but could retrace only slightly, especially if the entire market has entered a new bull season, like what happened in 2017.
Reply
@Kiyanty, meant to say “I’ll likely hold onto more xrpusd to sell at probable higher targets.” As in, I wouldn’t sell as much at lower targets.
Reply
Kiyanty Teklologist
@Teklologist, Thanks. Your thoughts are similar to me.
Reply
@Kiyanty, check out my idea that I linked to in an update.
Reply
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