XRP after a significant period of time, finally made a push above 0.84, what I considered to be important to confirm the end of Wave C, and the overall ABC correction, and the beginning of Wave 1. This was important because this is where Wave B had appeared to be established. Long Open Interest did decline slightly as it struggled to breach this level, but the...
Over the night 0.77 has held nicely. I have had questions of why I saw 0.77 as a good support area. In my experience, the HA Pivot Point is as valid as the non-HA Pivot Point. As you can see on this chart, this appears to hold true. Looking at the long open interest you can see a clear turn up developing. Ive been looking at adding open interest as a indicator...
The failure of Wave 5 to break through 1.00 was surprising. Initially I had considered plotting that as Wave 3, but this move down is to deep now for a Wave 4, which in turn makes this an ABC correction. The price bounced nicely off the 0.382 fib of Primary Wave 1 at 0.77, which is also the HA Monthly Pivot Point. There is a possibility, as is custom for Wave C,...
This move down after the upward breakout of the bullish correction triangle was completely unexpected and has invalidated my earlier Elliott Wave count since it made a new low below the previous Wave 4. It has also broken the established channel. There are a few possible scenarios: 1. The last high is the top of Wave 3 and this pullback is Wave 4 2. The last...
Go go #Ripple! I thought I would try and has out a projection of possible lesser degree wave formation inside Wave 5. I might try and capitalize on lesser degree wave 4 before the exit of position at the end of larger degree wave 5 around 1.20, which would also be the larger degree + 1 wave 1 end. This isnt so much a chart analysis for public consumption but an...
While the start of Wave 5 has been established, a correction triangle pattern has emerged. This is a repeat of the Wave 2 correction pattern. There is not a lot of room left in this pattern for the final 5th leg, so expect it to be flat until the end of tonight preceding the breakout. You can follow me @ExsiliumI for updates to this analysis as they happen.
XRPUSD Wave 4 ended about 0.01 below my earlier analysis at 0.779933. Wave 5 target is 1.20 based on the following: 1. The 1.20-1.23 zone has, on multiple occasions, been either support or resistance. 2. The 1.0 Fib of Wave 3 is 1.19803. Typically Wave 3 is longer than Wave 5, and this would fall within that guideline, however, Wave 3 did not extend which makes...
I see the current level of .87 to .88 as the top of wave 3. This level also corresponds to a well established resistance/support area from Feb 22 to Mar 4, and back to Jan 16/17, as well as Dec 24'17, and then Resistance of Dec 14'17. Wave 4 should pull back to the .77 to .79 as that is .382 fib of Wave 3, and corresponds to HA Pivot and non-HA (P+R1)/2. From...
A break of 233 would violate the trend-line from the 3/10 304 high. Furthermore, a break of 240ish would violate the trend-line from the 11/13/14 475 high. Both are relatively close to each other and a break of the second could push price quickly to 290 to test the long term bearish trend-line from the ATH. This would signal a reversal of the long term trend and...
Monthly Pivot - As you can see from both June and July, price respects the Monthly Pivot points. In June Monthly R1 provided resistance and it very nearly touched Monthly Pivot - In July it the Monthly Pivot provided very clear support, as strong as it was, when it did break it broke pretty hard. That said, the Monthly Pivot is now 605 and is only 0.30 above the...
see chart for notes - updated with a couple bullish signal confirmation signal areas and refined the precision of the graph as a whole. will be looking for a target of R2 642 today as PA targets the last swing high. Pivot 625 should retain support status with an absolute bottom of 620 by the end of the daily bar to maintain bullish long-term channel previous...
I wanted to put my notes ON the actual chart pointing to important lines and areas. If you like this presentation better than explaining everything below the chart please let me know.
After studying the pattern in this channel I determined that the angle of rebound from the bottom channel line resulted in a 57-77 degree advance, with 60 degrees being the average. Assuming we stay flat in a 10-20 range we will hit bottom channel on 7/18. The rebound from there should take us to 730 at the mid-line, which has provided resistance/support 3 times...
Price was neatly rejected at R1 642 and has since retraced back to P 629 which is also the 0.5 fib retrace point. The 1H MACD is rising, with Fisher below 3. Occilators are neutral which provides enough energy for another push up. I picked up a new Indicator published by LazyBear which you can see at the bottom of my chart. In addition to the Impulse...
Review: Yesterday price was contained by R1 and S1 as expected, even with the breach of P early in the day. Late in the day price made another attempt to breach the previous high of 607 but was denied. As explained earlier, price will sometimes oscillate around P when the market is undecided and that is very much the case as you and I wait for the results from the...
After breaching P earlier and heading to R1 only to retrace to P I figure its a good time for an update. As stated in the previous Idea, I think price will be contained for the day between S1 and R1. With the breach of P upside we have established a bullish signal and it is entirely possible we will stretch past R1 to RM2 at 608. However, with a 500 ask wall on...
Pivot range has decreased which is indicative of less PA range potential for the day - Price is currently under P, but has touched several times off SM1 which may provide the support for another wave up - However it should be noted that it is rare for price to rise above P if it starts out below it. I am expecting a tight range bounded by S1 and R1 excluding any...