XRPUSD - still short biased. Heading to $0.48 ?

BITFINEX:XRPUSD   Ripple / U.S. Dollar

I assume the current corrective structure (-4° channel) to be the second wave of wave c of a larger degree - which might either play out in a three wave abc structure or an abcde five-wave structure, followed by an impulsive break to the downside. The levels I am keeping an eye on are $0.65 (key support) and $0.45.

$0.45 acts as a heavy confluence area, as it is not only the absolute trough of former wave 2, but also a daily demand zone and the -27.2% fib target of (a)(b).

For now, I'm absolutely not interested in opening longs, but in case price proves me wrong, I'll be waiting for an impulsive upside move on the 1H - favourably with a break & close above $1.72 - and would look for a buy opportunity after a pullback.

Unless we'll see a huge spike to the downside, price must hit $0.45 no later than the end of the 1st week of February and $0.65 no later than the 2nd week of February - assuming price proves me right. However that's all quite speculative. As said in my previous analysis, I'm simultaneously monitoring BTCUSD -5.93% , as the correlation is still quite strong. 8.2k-7.8k is the potential buy zone, I've marked on the chart. The link to the BTC -5.93% idea is attached below.

Safe trades!
Comment: Playing out perfectly so far. In my opinion we're currently in the third subwave of wave c. Therefore, I expect one last minor correction (wave 4), before the start of the final push to the downside (wave 5). I'd like to see price touching the curve, but once the next correction is over I will update this idea with a projected buy zone.
Comment: Bloodbath here we are. As expected we've been in the third wave of c. I am now expecting wave 4 - a minor correction to start. Regarding the fifth wave, as it might turn out in a truncated one - i'd like to see at least a double bottom. So, no long positions for me as for now, as this might be a corrective subwave I do not want to be stuck in.
Comment: Wave 4 has started. Look for a three wave structure and monitor price action at the marked level. Expecting the recent low to get knocked out - or to see at least a double bottom. Updates will follow.

Comment: Again.. it is always important to adapt to the current market situation. As for now and the past weeks, we're witnessing a heavy correlation of many alts to BTC. This is not always the case - at least not to such an extreme, but for now it is and that's what counts. We don't have to care how the market is going to behave in a week, month, etc. Same as with the wave counting. It is always an if..then scenario. The reason I did not gave a call to long btc or xrp, is because if we would see a reversal from this point on it would be illogical regarding the wave principle on which I heavily rely on. As you can see, I make also use of the traditional technical analysis - fibs, patterns, candlesticks, structure, momentum, etc. But I firmly believe that if you combine the traditional technical analysis with the elliott wave principle - you are able to make a shitloads of profitable trades. Sometimes less accurate, sometimes more. But in the end, it's about being profitable with having a good risk/reward. With this approach, you'll recognize quite soon if you've been right or wrong and therefore you'll be able to cut your losses very quick. On the other side, if you're right, you win big. LESS IS MORE - overtrading and impatience will wipe out your account in a matter of time. Keep in mind, that this whole cryptomarket is still in its infancy, so there is absolutely no rush to make a quick buck. Discipline and patience are the keys to making yourself literally filthy rich in this market over the next years.
Comment: ..and remember JP Morgan's quote: "I made a fortune getting out to soon"
Definitely my favourite quote. Try to see the storm coming before the mainstream does and get rid of your positions before everyone else does. You can't go broke making a profit. A good example is a trade I took on EOS in November. I closed the position with a +15% gain as my projected target has been hit. The very same day, EOS continued to rocket +50%. But guess what, I didn't care. Honestly. Of course, it would have been nice to make another +50% the same day, but we're not Nostradamus and the only thing that counts is how much you've made at the end of the month. +211% at the end of November. That's how much I've made. I could have even made +300-500% but so what? If you repeat a +200% gain a month five times a year alone with a starting capital of 10k you'll be making +2.4 Million USD. This is absolutely realistic IF and only IF you're patient enough to not act during such heavy corrections as the one we're witnessing now. Safe trades!
Comment: Morning guys, here is the 3 wave structure I've been waiting for. I've marked three potential sell areas for the completion of wave c and the start of the fifth subwave of bigger wave c. All marked in the chart. Safe trades.

Comment: If you're long, be careful. For now, it's hard to say if we already have completed wave C. 1.04,1.09,1.14 is still possible but don't bet on it. Trading a correction always involves a high risk.

Great work I am now totally a fan . it would be great to see another update especially XRP.
Thank you.... Misses it
@cc247, you're welcome!
@cc247, Just posted an update below my "new" XRP forecast I've posted yesterday.
update needed. shitty ripple presents some resilience against btc dive
BudBronson asdfghghj
@asdfghghj, just posted a new idea on XRP
asdfghghj BudBronson
@BudBronson, Many thanks
I was afraid that someone will say just what your analysis is saying ....I believe so XRP is heading for $0.78 - I really dont like this idea but the volumes are just so low to support uptrend.
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