XRPUSD Wave 4 ended about 0.01 below my earlier analysis at 0.779933.
Wave 5 target is 1.20 based on the following:
1. The 1.20-1.23 zone has, on multiple occasions, been either support or resistance.
2. The 1.0 Fib of Wave 3 is 1.19803. Typically Wave 3 is longer than Wave 5, and this would fall within that guideline, however, Wave 3 did not extend which makes a Wave 5 extension possible. An extension could see R2 at 1.29906, but HA(R1+R2)/2 is at 1.25. I can see these levels acting as magnets, especially if the price action tries to break through the resistance zone at 1.20-1.23.
3. The 2.618 Fib of Wave 1 is 1.23165.
4. Assuming the channel holds, target dates for this 1.20-1.29 area range between April 28th, and no later than May 1st.
Its interesting to note that, at the time of this writing, both BTC and ETH have made new highs while XRP has not, most likely due to the resistance at R1.
You can follow me on Twitter @ExsiliumI.
Wave 5 target is 1.20 based on the following:
1. The 1.20-1.23 zone has, on multiple occasions, been either support or resistance.
2. The 1.0 Fib of Wave 3 is 1.19803. Typically Wave 3 is longer than Wave 5, and this would fall within that guideline, however, Wave 3 did not extend which makes a Wave 5 extension possible. An extension could see R2 at 1.29906, but HA(R1+R2)/2 is at 1.25. I can see these levels acting as magnets, especially if the price action tries to break through the resistance zone at 1.20-1.23.
3. The 2.618 Fib of Wave 1 is 1.23165.
4. Assuming the channel holds, target dates for this 1.20-1.29 area range between April 28th, and no later than May 1st.
Its interesting to note that, at the time of this writing, both BTC and ETH have made new highs while XRP has not, most likely due to the resistance at R1.
You can follow me on Twitter @ExsiliumI.
Comment:
Ive been looking at Wave 3 closer and, technically, it did extend as it hit the 1.272 fib of Wave 1. This would imply that Wave 5 should not extend, keeping the target around the 1.19-1.23 area.
