XRP moving EXACTLY AS PREDICTED! I only say that because I know it's everybody's favourite line :-)
Price is correcting nicely and fallen very nicely since the move began downwards. Price is in a limbo at the moment and the chances of it rising right now are quite low. Price needs to come lower first and blow the steam off of the bears. Really, this isn't a sign of pessimism in the market place. The trade looks like a mean reversion trade, where price corrects to a neutral level, for a sustainable decision to be made thereafter.
XRP is going to trade downward to one of the scenarios. They are:
1) I believe price will probably hit the horizontal support zone at 0.4440 and 0.4140 (Which coincides with the previous corrective high.)
2) If price breaks the horizontal support zone between 0.4440 and 0.4140, it could go lower towards 0.3500 and 0.3160.
Bear in mind that had price break the first support zone, there is also a small chance price will find support on the 200 major moving average support level before hitting the secondary support zone, but this is subjective and will update analysis if this becomes a stark possibility.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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This community really needed some moderation. Thanks Tom that at least under your posts one doesn't have to deal with all these arrogant braggers, self-proclaimed TA geniuses and other kinds of simpletons. Who are these people seriously? Back to fun: There was an interesting post by goldbug1 these days about the over mystification of fib levels in trading. I see that you also rarely refer to them. You say here there is a small chance that MA 200 could act as support between the two zones, the .768 fib level of the big pump is also around there. Should it be considered as a factor? I assume the longer trend is definitely more telling than a fib level, I am only interested if the two could enforce each other and create support there with more likelihood? Also, if you want to write a post about how do you use fib levels, don't hold yourself back :)
wargolynch
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@Jetam, Fibo works, just apply it and you'll see. (the right way of course, check on google because there are a lot of people who don''t really know how to use it, as easy as it is)
wargolynch
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@Sessay, You have to find the good elliott waves count first. For exemple, you can't apply fibo retracement to the 5th wave only in a 12345 elliott forecast, but you must apply it to the whole impulsion.
Fibo projections are usefull when you can't use fibo retracement.
TomProTrader
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@Jetam, Yes, it should be considered as a factor in my opinion. :-)
Trading5001
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Price is heading upwards not the downwards. weekly is very bullish
VolumeProfileSniper
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@Trading5001, Bearish divergence on weekly I don't know what you are seeing.