Exsilium

$XRP - Elliot Wave Demands Correction

BITSTAMP:XRPUSD   XRP / U.S. Dollar
Its been a while since I last posted a chart. The continued decline consistently defied my analysis, so I decided I would wait to post another chart until I dumped some more cash into it, which I have at $0.31.

Originally I was looking for $0.25 as that would have been the 0.618 extension from the previous 3-4 wave... but it appears to have stopped at the 0.50 fib instead.

The lesser degree wave appears to have printed a flat ABC , but these often extend into XYZ double or even tripple correction waves... and I really hate trying to predict a correction wave because of this. There are 22 or so variations of correction waves. So yeah...

That said, even the lesser degree formation has failed to reach its 0.382 fib retrace, let alone the higher degree wave which hasnt even hit the 0.236 fib retrace.

If this is in fact the bottom of a 1-2-3-4-5 formation, we should be looking at a retrace to 0.39-40. With the Montly Pivot sitting at 0.41, and the HA(P+S1)/2 at 0.38, this appears to be a solid target.

This is of course assuming our relationship to Bitcoin doesnt pull us down as it falls to 3000. If Bitcoin pushes below 3300 Ripple will be looking at a retest of 0.24 with potential for 0.20 in play.

There is an upside to the news though, Coinbase is looking at listing XRP again.
good chart sir i like it also it's similar to mine but to my count final 5th wave has not completed yet. i mean we are about to start the fifth of the fifth:)
maybe you want to check it to discuss.

Reply
Exsilium MagicCrow
@MagicCrow, While I believe we have seen the 5th wave and are in a correction wave with potential for reversal, the chart had not advanced enough for me to see the triangle you plotted. However, at the time I write this, that triangle did break down and basically got stopped just below and has gone sideways. To me this is bullish... but I realize I am biased based on my holdings... so theres that.It could however be transitioning into a Triple. Wave 2 could be seen as simple, a basic ABC, and EW suggests that Wave 4 should then be complex. A Triple could qualify, and if it does in fact break down past this low without trying to hit 0.37, it would be Wave 5. Even so, I dont see it having an easy time going past 0.24 and a simple 0.50 fib ext could be its fate.Ill look at it more and plot my response.
Reply
MagicCrow Exsilium
@Exsilium, completely right and i had to redraw my triangle price stil in a triangle but volum is low.anyway it's good to discuss with each other i think it improves our knowledge and profit. thank you and good luck
Reply
Great to have you back
Reply
Exsilium omnirealm
@omnirealm, Thanks!
Reply
great chart and analysis ..... Thank you very much..

Reply
Exsilium christosari
@christosari, Glad I can help... or hope I can... it is what it is :)
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out