I'm not convinced that this plays out, but I am posting it as (1) possible option. The good news is, there would be no new low; however, the bad news is, this will take a little longer!
As I've posted on twitter, XRP price needs to conquer $0.263 and remain above it (IMO)...
Question 1: For fibonacci retracement purposes, where are you starting wave 1 for the 5 wave impulse that eventually went to the high of $3.3 ? Are you starting Feb 2017 or Dec 2017 ? From Feb 2017, I've seen it drawn 12345 + ABC + 12345 to $3.3 . And I've seen it drawn from Feb 2017 just a huge 12345 to $3.3 . Just curious.
Question 2: Why didn't you put a W at Feb 6 2018? It has retracement of more than 0.786 fibonacci . I would think that would put it in the major ABC category.
Answer #1: I have not spent eough time analyzing the rise from 2017 to the 2018 peak that I can offer my opinion. At some level, that is not really relevant to me. What is more important than that, at least to me, is the next rise! Also, in order to do a longterm EW analysis for XRP, you'll need to look at CoinTrader.Pro Chart viewer.
Answer #2: I like the W where it is for a couple reasons: 1. Measure the length of time for each wave (W=?, X=?, Y=? and Z=?) Length of time balances out better. 2. The W leg is about decimating price 78.6% is not relevant. The X leg kills the clock and is flat to sideways. And the Y leg kills more of the clock, plus puts in a new devastating low. Demoralizing! The Z leg can pursue a double bottom, or a new low, or triangle to finish as suggested here.
This entire correction has several valid wave counts for correction, this is just one interpretation!
gz1968
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@strictly, Ok. I see your logic. It definitely makes sense. At the same time, I would point out, XRP pumped 70,000% within a year if to count from Feb 2017. So this is unheard of levels if to compare to typical stocks or even other cryptos. So on a timeline, I would actually expect the first ABC (W) to retract at a super quick pace in comparison to Y and/if Z? I would think going below a 0.786 fibonacci is legitimate indication.
strictly
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@gz1968, I'm open to the idea that XRP will pump like crazy once again, BUT I lean towards a "grinding" climb back to the ATH (+$3.30). After the ATH is conquered, then you'll see the violence of price movement!
Now, brace yourself, because I'm gonna post another bullish EW count, and it's an old count of mine that I've been holding onto, and I would say it's my preferred count at the moment! Again, keep in mind, I carry several EW counts both bullish and bearish at all times.
Cheers!
Yuriy_Bishko
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Similar triangle
Agree with you
Saeed966
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Thank you, it will rise to 0.28000 which is a strong resistance
I agree. I think it will touch or even go above your resistance, but I don't think it will flip to support. If it doesn't we might be going for a dip around .19-.22. I am closing my position around that .263 area once we hit and waiting. Not confident to short it then though.
Question 2: Why didn't you put a W at Feb 6 2018? It has retracement of more than 0.786 fibonacci . I would think that would put it in the major ABC category.