Doing the right count would help us to determine where we are today and where we are going to!
It is not something approximate and based on gut but should be supported by academics knowledge and reliable sources.
Based on Elliott Wave Count, assets move according to 5-impulse wave sequences such as 12345 (where waves 1,3,5 are bullish and wave 2 and 4 are bearish) and correct into 3-wave corrective sequences such as ABC (wave A is bearish, wave B is bullish and wave C is bearish)
The rules say:
Wave 2 often retraces strongly but should not retrace more than 100% wave 1
If wave 2 retraces strongly, wave 4 retraces gently and vice-versa
Wave 3 is often the longest, never the shortest
Wave 4 cannot retrace below wave 1
Wave 5 can be lower than wave 3; especially in bear market – we call it truncated wave 5
When Wave 3 is the longest impulse wave, Wave 5 will approximately equal Wave 1
After a 5-wave impulse advance, corrections (abc) usually end in the area of prior Wave 4 low
There is at least one wave in extension (meaning that one wave has 12345 ABC characteristics and it is the longest one)
Generally speaking, wave 2 corrects wave 1 and wave 4 corrects wave 3, which is approximately under the below Fibonacci ratio
-0.382
-0.5
-0.618
Meaning if wave 2 corrects at 0.618, wave 4 will correct at 0.382 (remember that if wave 2 corrects strongly, wave 4 will correct gently)
However, waves ABC, which follow wave 5, do not correct the previous wave 5 but the entire 12345.
What is the relationship with XRP?
According to my count, we are ending the second big wave correction, which corresponds to ABC following 12345.
The theory says that we should normally retrace prior wave 4, so in our case between $0.12 and $0.46
What is currently happening with XRP is perfectly healthy and predictable according to Elliott Wave Theory.
3 good news:
We are probably ending the second big correction wave
It was the most brutal correction because it was the second wave which generally retraces almost wave 1 and is generally the strongest one in comparison to wave 4; so the next correction should be gentle
We are entering into the third big wave, which is generally the longest one
Source: (Robert Prechter, 2017)
Ma maîtrise est sans faille et mon skill sans égal.
It is not something approximate and based on gut but should be supported by academics knowledge and reliable sources.
Based on Elliott Wave Count, assets move according to 5-impulse wave sequences such as 12345 (where waves 1,3,5 are bullish and wave 2 and 4 are bearish) and correct into 3-wave corrective sequences such as ABC (wave A is bearish, wave B is bullish and wave C is bearish)
The rules say:
Wave 2 often retraces strongly but should not retrace more than 100% wave 1
If wave 2 retraces strongly, wave 4 retraces gently and vice-versa
Wave 3 is often the longest, never the shortest
Wave 4 cannot retrace below wave 1
Wave 5 can be lower than wave 3; especially in bear market – we call it truncated wave 5
When Wave 3 is the longest impulse wave, Wave 5 will approximately equal Wave 1
After a 5-wave impulse advance, corrections (abc) usually end in the area of prior Wave 4 low
There is at least one wave in extension (meaning that one wave has 12345 ABC characteristics and it is the longest one)
Generally speaking, wave 2 corrects wave 1 and wave 4 corrects wave 3, which is approximately under the below Fibonacci ratio
-0.382
-0.5
-0.618
Meaning if wave 2 corrects at 0.618, wave 4 will correct at 0.382 (remember that if wave 2 corrects strongly, wave 4 will correct gently)
However, waves ABC, which follow wave 5, do not correct the previous wave 5 but the entire 12345.
What is the relationship with XRP?
According to my count, we are ending the second big wave correction, which corresponds to ABC following 12345.
The theory says that we should normally retrace prior wave 4, so in our case between $0.12 and $0.46
What is currently happening with XRP is perfectly healthy and predictable according to Elliott Wave Theory.
3 good news:
We are probably ending the second big correction wave
It was the most brutal correction because it was the second wave which generally retraces almost wave 1 and is generally the strongest one in comparison to wave 4; so the next correction should be gentle
We are entering into the third big wave, which is generally the longest one
Source: (Robert Prechter, 2017)
Ma maîtrise est sans faille et mon skill sans égal.
