I figured out the Elliot wave mystery for XRP. XRP did NOT form an ABC from the low. A huge extended diagonal was in play. The chart explains everything.
This makes perfect sense. The year 2020 wave (2) as I have drawn it has retraced 0.702 . This is the same retrace that DOT, XTZ, and other altcoins are at for their wave (2). So this count puts XRP in alignment with what we are seeing on other altcoins.
This makes perfect sense. The year 2020 wave (2) as I have drawn it has retraced 0.702 . This is the same retrace that DOT, XTZ, and other altcoins are at for their wave (2). So this count puts XRP in alignment with what we are seeing on other altcoins.
Note
Here is a way more detailed Elliot wave count. I don't like my count in the diamond, but that is my inexperience.I have two theories on the start of the wave 1. (1) starts at the end of the extended diagonal. (2) It starts from the exit of the reversal diamond.
Either way, it starts at the same place. So XRP has started a 12345 impulse already and we are working on wave 2. Just like all the other altcoins.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.