$XRP #Ripple - Bullish Divergence Plays - Likely Correction Wave
I left the bullish divergence lines I drew (cyan) in my previous analysis since I was called out about my hanging onto it. The divergence played out and we are looking at a 0.06-7 bounce already.
I feel the need to remind everyone that my analysis isnt meant for long term, or even intermediate term, but generally less than a week, and even more so, 2-3 days. So, when I point out a divergence its not to say the overall trend is reversing but that the near term trend is. Yes, that could turn into a more long term situation, but unlike everyone else, Im not pretending to be able to predict the market.
Wave 5 ended perfectly at the 0.786 fib of Wave 3, and is currently at the 0.618 fib of Wave 5, which is usually a good spot for a Wave A scenario. Furthermore, there appears to be a bearish flag forming, which I plotted. a break down through the lower trend-line would likely confirm the ABC correction wave, which... as much as I hate to say it, could lead us far below 0.45.
I would want to see a continued run up past 0.61 to start seeing real confirmation of a bounce from 0.50.
Pay close attention to the 4H RSI trend-line plotted, or for a reversal in 4H Fisher.
The 4H LOI is retracing a bit, but with no confidence. In fact it looks like a bear flag. However, looking back, I see bounces at this level in LOI. See the chart shot I posted below in comments.
Please let me know if you have any questions or comments.
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As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
I am currently setting up a Patreon account at patreon.com/exilium. Right now I am looking at ways to structure things, like releasing analysis earlier for subscribers, etc. If you have any suggestions please let me know.
I feel the need to remind everyone that my analysis isnt meant for long term, or even intermediate term, but generally less than a week, and even more so, 2-3 days. So, when I point out a divergence its not to say the overall trend is reversing but that the near term trend is. Yes, that could turn into a more long term situation, but unlike everyone else, Im not pretending to be able to predict the market.
Wave 5 ended perfectly at the 0.786 fib of Wave 3, and is currently at the 0.618 fib of Wave 5, which is usually a good spot for a Wave A scenario. Furthermore, there appears to be a bearish flag forming, which I plotted. a break down through the lower trend-line would likely confirm the ABC correction wave, which... as much as I hate to say it, could lead us far below 0.45.
I would want to see a continued run up past 0.61 to start seeing real confirmation of a bounce from 0.50.
Pay close attention to the 4H RSI trend-line plotted, or for a reversal in 4H Fisher.
The 4H LOI is retracing a bit, but with no confidence. In fact it looks like a bear flag. However, looking back, I see bounces at this level in LOI. See the chart shot I posted below in comments.
Please let me know if you have any questions or comments.
=======================
As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
I am currently setting up a Patreon account at patreon.com/exilium. Right now I am looking at ways to structure things, like releasing analysis earlier for subscribers, etc. If you have any suggestions please let me know.
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