Very important. Ripple completed 5 total waves down on its journey from $1.89 to $0.85. Within all Elliott Wave corrections, a single 5 wave move cannot be the complete form of the correction. It is only 50% of the correction at maximum. With 5 waves considered as A wave, we can expect 3 corrective bull waves upward for B. My target range for the up move is $1.65 - $1.85. Without accomplishing a new high above the recent price, we can very well expect Ripple to continue south to the range of $0.19 - $0.65. Considering that this range does not take us to the expected retracement level of a diagonal correction, there is a slight but good chance that a double zig zag forms to trap overeager bulls and present patient bears with an exciting buying opportunity. In my opinion, there are no good long term buy positions currently available, especially considering the steep discount soon to come.
Note
Correction: patient bears would not be looking for buying opportunities lol
Decode the wave, anticipate the move. elliottwavescience.com
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Decode the wave, anticipate the move. elliottwavescience.com
Related publications
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.