XRP after a significant period of time, finally made a push above 0.84, what I considered to be important to confirm the end of Wave C, and the overall ABC correction, and the beginning of Wave 1. This was important because this is where Wave B had appeared to be established. Long Open Interest did decline slightly as it struggled to breach this level, but the buyers jumped back in during the Asian session and has made significant moves upward.
The struggle is not yet over though as we approach 0.88. This is an established Support/Resistance level, with it both being support or resistance several times over the last few months.
From there you can see my initial target for Wave 1 around the 1.05 level. Wave 1 is harder to plot since it is the foundation of the series, but there are important Pivot Points at that level and its also a significant Fib level. In addition, the 1.00 level is heavily psychological, and the price could oscillate around there for a while, forming Wave 2.
We all seem to expect some sort of news in May that will impact the market positively. If this happens, disregard any targets from this chart as I will be adjusting targets based on PA throughout the wave series.
As always, you can follow me on here and on Twitter @ExsiliumI for up-to-date analysis, relevant news and near real-time PA updates when important.
The struggle is not yet over though as we approach 0.88. This is an established Support/Resistance level, with it both being support or resistance several times over the last few months.
From there you can see my initial target for Wave 1 around the 1.05 level. Wave 1 is harder to plot since it is the foundation of the series, but there are important Pivot Points at that level and its also a significant Fib level. In addition, the 1.00 level is heavily psychological, and the price could oscillate around there for a while, forming Wave 2.
We all seem to expect some sort of news in May that will impact the market positively. If this happens, disregard any targets from this chart as I will be adjusting targets based on PA throughout the wave series.
As always, you can follow me on here and on Twitter @ExsiliumI for up-to-date analysis, relevant news and near real-time PA updates when important.
Comment:
I think we could be looking at another test of 0.77 as Wave C. We might not break through it, but it would make the ABC pattern more as expected than currently drawn, and the timeline would match nearly perfectly with the earlier chart I mentioned above.
Comment:
$XRP failed to hold above 0.84 and has fallen a to as low as 0.81. Long open interest is barely moving, but short open interest is growing. On a good note, more short open interest means more explosive upside movement at some point since all short positions are opened with margin.
There is no enough data for me to give any sort of projection in the short term. It could test 0.77 again, and maybe it should to better complete an ABC pattern, but I also know thats a strongly defended level.
IMHO, and this is NOT trading advice, this might be the last chance to accumulate before the next push up.
There is no enough data for me to give any sort of projection in the short term. It could test 0.77 again, and maybe it should to better complete an ABC pattern, but I also know thats a strongly defended level.
IMHO, and this is NOT trading advice, this might be the last chance to accumulate before the next push up.
Comment:
There are 21 different kinds of ABC corrective moves. As you can see from the above chart, A and B have 5 sub waves as expected, but I cant for the life of me figure out what wave C is doing.
My gut tells me were doing what is called a Flat ABC corrective wave, where C stops where A stopped.
I challenge anyone to help me fill in the sub waves of Wave C
There are 21 different kinds of ABC corrective moves. As you can see from the above chart, A and B have 5 sub waves as expected, but I cant for the life of me figure out what wave C is doing.
My gut tells me were doing what is called a Flat ABC corrective wave, where C stops where A stopped.
I challenge anyone to help me fill in the sub waves of Wave C
Comment:
I wonder about this pattern. Wave C might in fact be valid as a flat ABC, with a combination rising triangle, or flag.
Thoughts?
I wonder about this pattern. Wave C might in fact be valid as a flat ABC, with a combination rising triangle, or flag.
Thoughts?
If you play that chart, you can see it lines up with my initial Idea a while ago, just a little lower