mcmurphy510
Long

Ripple Post TA Wave Analysis

BITSTAMP:XRPUSD   Ripple / U.S. Dollar
Was Yesterday's Climb (and Today's Pullback) a Textbook Elliot Wave Cycle?

First attempt at a TA here... Really more of a retrospective.

It really looks like The XRP action of the last week played out a Textbook Example of an Elliot Wave . Furthermore, the peak at 17:30 looks like it ought to be the peak of Wave 5, but it immediately breaks into a wedge pattern. It follows that wedge darn near to the tip before it breaks up, indicating a Wave 5 Extension.

Then the B wave during the correction breaks into another wedge , also right to the tip. This time it breaks down to complete the ABC .

Both of the these wedges (dotted blue) look even better in the 5 mins chart, like they were drawn by a ruler.

1.37 up, 0.85 down (1.37 / 0.85 = 0.620), so almost spot on . 618 retracement .

If I'm right, I'm thinking the little lift starting at 19:45 might be the start of a new cycle. Don't know enough to speculate about where it will go / when it will end.

Please let me know your thought.
A beautiful consolidation. It looks like most of the good cryptos are setting up for a new drive forward. BTC also looks perfectly positioned to challenge new highs. I think 25 - 30k.
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I see textbook Head&Shoulders but dumb money see low price and click buy buy buy.... (espesially Koreans). In crypto pshycology is over TA
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