XRP has denied the elliott wave, and has entered directly into an ABC retracement. I've used fib to map out the significant support and resistance bands, however, with the intense negative pressure, that support will turn into resistance soon enough. If it follows a standard ABC retracement, it's going to have a small bump as buy orders are filled, then a dump as it falls to its strongest support. If you're already in, take profit at 2.49. If you're not, wait till the 1.50$ mark to buy back in. This is, of course, my opinion, and not advice. My advice is to stay out for now.
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Looks like I was dead on with my prediction last week. XRP finding support at 1.8. I expect it to bounce a bit, but I still say put your buy orders between 1.50$-1.75$ to buy back in.
Yeah good graph bro. I had the elliot on the left hand side and the abc on the right . . so opposite to yourself but similar overall pattern.
Good call on the $1.5 too. Good possible entry.
EricDraht
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@PNUTTY, Thanks man. I actually stopped the elliot wave, retraced it with the ABC because it did refuse the wave. We are still in a trend, though, on the downside. Combine the knowledge of previous trends with the momentum and RSI indicator, and 1.50$ just seemed to make the most sense to me, at the very worse. I wouldn't be surprised if it ended at $1.75$ though.
PNUTTY
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@EricDraht, I didn't pick up on the Elliot wave refuse -> which point do you think the wave was refused?
Let's see if the uptrend continues. What goes up surely goes down, but often what goes down also then goes back up . . . .
Good call on the $1.5 too. Good possible entry.