As I mentioned in the last chart, I am NOT expecting price to triangle out as a "Z" Wave, but rather, I am holding out hope for the correction to be completed and this is my expectations!
In this chart, I am showing a bullish channel that could be in play, and I indicate that price needs to hold the lower channel line! This is true, but I should also mention that if price moves outside of the channel area, it doesn't necessarily mean that price will go lower. It may actually move out sideways as we enter more of a sideways market, so keep that in mind!
Lastly, few may know this, but I actually called for an XRP price bottom at $0.11500 Cents months in advance. So, I'm well aware of where we are, I also believe that price needs to move higher than +$0.47 cents or it leaves an opening for a lower target at roughly $0.65 cents.....most people have a hard time swallowing that price, and I really don't care because it's NOT emotional for me, it's just a fact and it's how I read price!
IMO, the MARKET always decides the price! My job, as I see it, is to read the market to the best of my abilities and try to determine as many possible outcomes in order to anticipate it's future move. That's it!
Your count looks solid. I really like it. I couldn't argue a thing about it. I'd be thrilled with anything up.
I tried something and show a chart with a WXY only. I treat the diamond like something separate from the count. So I just made that up as there is no rule book on reversal diamonds. It solved the ABC problem, put XRP on the same count as 2017 with wave 2 being current, and wave 2 (as I drew) falls into line with fibonacci retracement of other altcoins.
Gaengphed
⋅
Looking at past moves one might think it will a few moonshots up, but maybe you're right and it going to be a slow ride up. Fine too by me, then I have more time to accumulate ;-)
strictly
⋅
@Gaengphed, Hope I'm wrong, but I lean more towards a gradual climb vs. the rocket. Now, one we conquer the ATH, that's a different story! Cheers Mate!
Gaengphed
⋅
@strictly, Me too, I like rockets, especially XRP rockets lol
FYI, historically speaking, every asset that I look at from a chart perspective that has corrected 80-90% of price from it's ATH, has taken a minimum of 1 year in order to recapture the previous All Time High....so, I am basing my "slow ride" climb on historical market data. Examples: Dow Jones 1929 crash, Amazon 2001, Bitcoin (BLX Chart) in 2 different areas, etc.
gz1968
⋅
Hi Stictly, getting back to this chart. If one were to assume that BTC is the duplicate guide for XRP, then under this assumption XRP would have to drop below your channel to create wave 2. If you update, you will see XRP did exactly that. I'm now of the opinion, that XRP waves have been forming funky 12345 ABC patterns, stretched all to hell, because the gravitational pull of BTC.
See my link below. The purple 2 is what I am referring to in my chart below.
PolarHusk
⋅
Let's see if xrp will respect this trendline. Thanks for sharing your idea 🐻❄️😃
SunnyHillCapital
⋅
Beautiful Elliott Wave analysis, thanks for sharing!
I am expecting the waters to grow choppy and rough.
When mandelbrot and fractal theories are applied to the markets we see a certain number of extreme events. Modern portfolio theory which tries to maximize returns for a given level of risk handles extreme situations with benign neglect and regards large market shifts as too unlikely to to matter.
But this is not reality.
If the weather is moderate 95% of the time can the sailor afford to ignore the 5% possibility of a typhoon?
The second presumption of modern portfolio theory is that all price changes are distributed in a standard bell curve. Events at the extremes are considered extremely rare.
Typhoons are, in effect, defined out of existence.
But we all know these events happen.
Good luck to those who are expecting the storm, and may you reap the benefits of planning for the unexpected.
I tried something and show a chart with a WXY only. I treat the diamond like something separate from the count. So I just made that up as there is no rule book on reversal diamonds. It solved the ABC problem, put XRP on the same count as 2017 with wave 2 being current, and wave 2 (as I drew) falls into line with fibonacci retracement of other altcoins.