XRPUSD 240 - nearing the end of WYX correction

Been counting this one for a while now, and it seems to me that we're nearing the end of a WXY correction on XRPUSD 240. The first ABC-correction didn't correct enough for the market apparently, so we had a large move down and another ABC correction, only to end up at the 0.618 retracement of the first wave.

The end of Y might go a little lower even, ending below the A of this correction, around $ 0.60, though we've seen some strong support at this point, so I'm not expecting it to go much lower than that.

Personally setting a target for $1.10 - $1.20 for Wave 3 (based on 1.0 Fibonacci extension from wave 1).

Suggestions and feedback are most welcome, as I'm rather new to counting Elliot waves and am trying to learn.

Comment:

Keeping an eye on the 240 chart, there appears to be a correction going on just before the final wave down. I wouldn't be surprised if the present correction goes until $0.70 and then drops the final leg to around $0.60 (or a little above that) before we start going upwards again. Volume is diminishing (as suits a corrective move), so I expect a larger spike around $0.70 downwards, to then bounce around $0.60, leading us into the wave 1 of the larger Wave 3.

That would push the final corrective leg beyond the A-point of the larger correction, stay relatively close to the 0.618 retracement of wave 1, and match the support visible around the middle of April 2018 in wave 1.

Comment:

Another possibility though, if Y were to go even further, is that we'll reach the bottom of the overall corrective WXY-move at 0.786 extension of the larger corrective wave A at around $0,57. This would coincide with 0.786 retracement of the larger Wave 1.

This would be a rather heavy correction overall, but considering present rumours considering XRP it is not unthinkable. If I were more prone to risk, I would set up scaled buying orders between $0.62 and $0.58.

Comment:

To illustrate my ideas:

First scenario (corrective flat ABC):

Second scenario (zigzag):

Comment:

Correction: in my previous update, I stated $0.57 to be the 0.786 extension of wave A of the present correction. I meant, of course, this to be a the 0.618 extension, which coincides with the 0.786 retracement of Wave 1.