Joseph_King

Joseph_King

Another theory based on this idea > As it appears that Ripple loves triangles and triangles are common in B waves we could get an extended correction in the form of a triangle before the next leg (c wave) down. It's possible B wave is done already as there is a zig zag ABC in there already.

Joseph_King

Carrying on from this idea > Looks like we have seen the second running flat ABC correction that formed a larger B wave. According to reference material a running flat correction is when price is range bound, wave B terminate below the start point of wave A and wave C terminates above the end point of wave A. Looks like that same pattern has formed in crude. If...

Joseph_King

Update to previous Ripple ideas > 5 waves up now completed and has already bounced at 0.382 fib level. It could up to make new highs from here as 0.382 is a wave 2 fib level, however, I think its only A wave, B wave is either still underway or has already completed at 0.5 fib level of A wave, then C wave, either 1.618 of A wave to 0.618 overall, or 1.618 of B...

Joseph_King

Zoomed right out and comparing currently triangle to triangle formed and broken out in March and update part of previous ideas > I think we are in the final leg (E wave) to the triangle bottom.

Joseph_King

Crude maybe in wave 4 ABCDE descending triangle. Bounced twice now at typical wave 4 fib level 0.382 of wave 3 and formed what appears to be a descending triangle, may be in the final leg before breakout. We had a similar triangle form before breakout from $60 >

Joseph_King Updated 

Alternative to this idea > Just checking the chart and it looks like a triangle is forming which could mean a larger degree wave 4 and that previous bullish waves up were all part of the larger degree wave 3. Zoomed in on triangle here > I don't have a position in Ripple right now, waiting for a clear direction, break upwards as per this idea followed by...

Joseph_King

Update to previous Ripple ideas > Looks like wave B has completed and in the early stages of wave C which could complete around 0.725 before the next impulsive move upwards.

Joseph_King Updated 

Descending triangle broke out as per this idea > See if it reverses now, possibly at 1.618 of A or 1.618 of B

Joseph_King

Update to previous Ripple ideas > Possibly in a descending triangle as part of a larger B wave (blue waves). C of B (yellow waves) could break out of the triangle and back to the starting point before larger C leg down, either 1.618 of blue B wave, or 1.618 of blue A wave. I'll be ready to buy around these points if price action looks good as I believe it could...

Joseph_King

Update to previous Ripple idea > Ripple living up to its name and ripping upwards, closed my long position in profit but too early it seems :) Nearing 2.618 extension it could correct soon but then again, may continue on its merry way. Buying dips on Ripple in 2018.

Joseph_King Updated 

Update to this idea > Clear break out of pennant (wave 4 ABCDE) and should go on to at least 1.618 before a healthy correction for larger wave 2, then continue the uptrend.

Joseph_King Updated 

Look at possible structure for wave 5 as per this chart > Could have completed wave 1 from 6183 to 6775, then 0.382 correction (a fairly common wave 2 fib level), now in sub wave 1 of 3, with sub wave 2 on the way. There does appear to be a pennant/triangle forming though which could mean a little more upside to 6910-6950 >

Joseph_King

Update on various bullish 5 wave theories on CL for the last 6 months or so > ABC completed, hitting .382 and .236 of wave 3, now in impulse wave 5, possibly hit $75 (weekly resistance) which is 2.618 of the ABC correction that was wave 4.

Joseph_King Updated 

An update to this idea > Pennant completed possibly and buy order filled, TP 0.75 or so.

Joseph_King Updated 

Looks like Ripple is heading up, possibly in wave 5 now, followed by correction before larger wave 3 begins. Planning to buy dips on Ripple in 2018 if this Elliot Wave is correct it could make new highs.

Joseph_King

Update to this idea > 1.618 of what I believe could be running flat ABC correction (start of A and end of C, 6666-6182) is 6960 area. Looking at internal structure on smaller timeframe also points to 6960 area, maybe just a coincidence...

Joseph_King

Closer look at "running flat" from this idea > Bulkowski states that "A flat is a term used for any ABC correction that has 3-3-5 subwaves. A running flat (or any flat for that matter) must have the 3-3-5 configuration." As shown in the chart there appears to be ABC for leg A, ABC for leg B, followed by 5 waves in leg C which fits with 3-3-5 configuration...

Joseph_King

Update to this triangle idea > Looks like a running flat ABC correction, check out Bulkowski site > thepatternsite.com Image on the right of the page "Bull Market". Bulkowski does mention that in a running flat, wave B stops beyond the start of wave A, and wave C falls short of stopping near the end of wave A. Wave B didn't stop beyond A here but I'm not sure if...