XRP Ripple - 0.77 Holds - Long Interest Rising - Wave C ?

Over the night 0.77 has held nicely. I have had questions of why I saw 0.77 as a good support area. In my experience, the HA Pivot Point is as valid as the non-HA Pivot Point. As you can see on this chart, this appears to hold true.

Looking at the long open interest you can see a clear turn up developing. Ive been looking at adding open interest as a indicator for trend analysis and right now that open interest is showing me that buyers are starting to buy up XRP again.

I have plotted a potential Wave C end, but that it is unconfirmed at this point. Normally I would expect the ABC correction to be drawn out a little more, and maybe even retrace farther, but the market as a whole is pretty bullish right now in my opinion and it would not surprise me if we had a 1-2 day ABC correction.

As always, you can follow me on Twitter @ExsiliumI for updates to my analysis, relevant news, and near real-time PA updates throughout the day.

Comment:

Word of warning here -

There is the beginnings of a bearish descending triangle forming. If it breaks down were looking at 0.685 as a target.

That said, I continue to see long open interest building and this would have to turn down before a break of the 0.76-77 level was broken.

While I dont see this as likely, I would be remiss if I did not inform those of you kind enough to consider my analysis that the possibility of further down movement was possible.

Comment:

I am not convinced that ABC completed. PA is having a really hard time breaking past .84 and Ive noticed some hesitation in long open interest accumulation. If it holds here and goes back down this would become Wave B, which would fit the typical ABC formation better. A move +/- .03 would give me enough to determine if ABC is done or not.