XRP No clear direction
This seems to be the only valid count for XRP right now but has reasons for concern.
The Case for a valid count
Wave 3 has reached just above the 1.618 extension
Wave 4 down has reached a .5 retracement
When wave 3 is extended we should assume a .786 extension of waves 1-4. This would place XRP at a very strong resistance level and seems like an appropriate end to a wave 5.
Reason for concern
The count is not clear. On smaller timeframes Bullish and bearish counts can be given. The clearer count on daily chart has wave 4 entering wave 1 territory. As the candle only wicked down it technically is not a failure but we should be cautious.
Will not be entering this trade
Although the chart shows the possibility for a nice move the count is unclear and may have already been invalidated. Sitting this one out
The Case for a valid count
Wave 3 has reached just above the 1.618 extension
Wave 4 down has reached a .5 retracement
When wave 3 is extended we should assume a .786 extension of waves 1-4. This would place XRP at a very strong resistance level and seems like an appropriate end to a wave 5.
Reason for concern
The count is not clear. On smaller timeframes Bullish and bearish counts can be given. The clearer count on daily chart has wave 4 entering wave 1 territory. As the candle only wicked down it technically is not a failure but we should be cautious.
Will not be entering this trade
Although the chart shows the possibility for a nice move the count is unclear and may have already been invalidated. Sitting this one out
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