The EW count is, well... not countable right now imho. On one hand we should be in Wave 4 of a bullish series, but this deep retrace of Wave 3 is highly abnormal. The smaller dashed line (red) I plotted yesterday is proving to be a solid support area as it has been tested twice over the last 24 hours. A break and close below this would be a bearish signal. A break below the thicker dashed line (red) would be a confirmation that the bearish trend has resumed.
The Bearish series I plotted yesterday also has its problems as Wave 3, as it were, printed as the price dipped slightly below the low at (1) and the pattern doesn't lend itself to a proper count, mainly because Wave 3 cannot be the shortest wave in the series.
In my biased opinion, as I hold a significant amount from 0.31, all this points to weakness from the Bears and a whole lot of indecision in the market. This doesnt mean that Bulls are winning, but maybe starting to.
To be clear, Wave 5 of the bullish series can extend beyond the 1.272 fib ext, but thats not typically XRP behavior. This would mean we would see the series end with a slight poke above Wave 3 at 0.46, which has happened many times this year, before the retrace back to 0.37-39. If Wave 5 does extend we would be looking at 0.49-53 with the Monthly S1 at 0.51195 coming into play.
The Bearish series I plotted yesterday also has its problems as Wave 3, as it were, printed as the price dipped slightly below the low at (1) and the pattern doesn't lend itself to a proper count, mainly because Wave 3 cannot be the shortest wave in the series.
In my biased opinion, as I hold a significant amount from 0.31, all this points to weakness from the Bears and a whole lot of indecision in the market. This doesnt mean that Bulls are winning, but maybe starting to.
To be clear, Wave 5 of the bullish series can extend beyond the 1.272 fib ext, but thats not typically XRP behavior. This would mean we would see the series end with a slight poke above Wave 3 at 0.46, which has happened many times this year, before the retrace back to 0.37-39. If Wave 5 does extend we would be looking at 0.49-53 with the Monthly S1 at 0.51195 coming into play.
The break of the line I marked was broken and a dump occurred.. I expect a struggle at the next line.