What's up Traders! Mfibbs here and back again after taking an 8 month break from crypto. There was more money to be made in the stock market going back to March and all I did was trade options. I did O.K, made some nice gains and there was 1 week where I got my ass handed to me....lost like 6 grand, but you can't win them all. Overall, I made some decent $ trading options part time. Not looking forward to my tax bill, ha ha ! So here on XRP, we are experiencing some nice consolidation with some decent swings. As per my elliot count and elliot wave rules, I see us in the middle of a very long B wave right now. My measurements on this scenario, should take us to $70 before we fall into the toilet again. I have my reasons for this scenario and i will be posting my other 2 scenario's real soon. Lot's of uncertainty right now with XRP, which is why there is no volume. That's what scares me, however volume can always fool you! Too many people waiting for confirmation is what I see going on right now. Let me know what you think. If you don't agree on this scenario, than it's O.k to bash me and act like your the expert. I really don't give a shiit! I think you will agree with one of my other scenario's then. Later Fucker's and happy trading.
Comment:
Ok, so we clearly broke the .786 fib level, practically negating the possibility that this is a wave 2. As of now the bullish pennant is still in tact. In crypto though, the Asians love deep wave 2's. Countless time's where wave 2's have even retraced passed wave 1 with a huge wick and then holds on a longer time frame and then you go to sleep thinking you sold the dump and bam, you wake up puzzled saying WTF. If $.45.5 holds, this idea is still in tact, only we will fall shy of $.70, more like $.67-$.68. The other 2 Scenario's are quite simple. This could be just a simple ABC pattern therefore completing our wave 4. The bad news, is that for this to be true, we will continue to go down around $.40. The other Scenario is that we already completed wave 4 when we went down to $.45.5 and then we hold here for a deep wave 2 and then off to $.91 for wave 3 we go, which would be a 1/1 extension of wave 1 from $45.5 to $.68. Then we retrace to .38 fib level for wave 4 and then we finish wave at around $.96.I'm hoping for the last scenario. Good luck guy!!!