I zoomed in farther than I normally do here because I need a better foundation to find wave structures and being flat so long finding the right 0 is tricky.
What I suspect is happening is we are in an ABC correction of this last major push down. The chart you see here is the underlying structure of that ABC, which itself is made up of a combination of Impulse and Correction waves. I have noted the fib levels of each wave which I use to validate wave count.
We could have just ended Wave C which would begin Wave C of the larger degree and would push higher, or this is the end of Wave 4 which would begin Wave 5 and would see 0.33 again. Even if we push higher here we could just form a flat ABC so the recent high would be the top before the major push down to 0.30.
I have A LOT of money in XRP right now so I am biased to the upside, but even with that bias I dont see upward movement just yet... soon... but not yet.
Daily RSI and other Daily indicators put us in a seriously oversold position which is untenable for much longer. Yesterday and today have helped correct those values a tiny bit, but if there is a push down again within the next day the correction up will be much sharper IMHO.
As always... this is not trading advice and so on.
What I suspect is happening is we are in an ABC correction of this last major push down. The chart you see here is the underlying structure of that ABC, which itself is made up of a combination of Impulse and Correction waves. I have noted the fib levels of each wave which I use to validate wave count.
We could have just ended Wave C which would begin Wave C of the larger degree and would push higher, or this is the end of Wave 4 which would begin Wave 5 and would see 0.33 again. Even if we push higher here we could just form a flat ABC so the recent high would be the top before the major push down to 0.30.
I have A LOT of money in XRP right now so I am biased to the upside, but even with that bias I dont see upward movement just yet... soon... but not yet.
Daily RSI and other Daily indicators put us in a seriously oversold position which is untenable for much longer. Yesterday and today have helped correct those values a tiny bit, but if there is a push down again within the next day the correction up will be much sharper IMHO.
As always... this is not trading advice and so on.
Comment:
It appears in the time it took me to write that it did push down farther. Were going to see a re-test of the low.
Comment:
Comment:
The yellow line marks the point at which the ABC wave scenario would be invalidated.
