Wave 1 is a leading diagonal with subwave 3 reaching less than 1.618x subwave 1. Subwave 5 approximately equals sum of subwaves 1 and 2. Use left-side fibs for subwave lengths that are based on 16 March start price $.14108 and subwave 1 price.
Wave 2 is a WXY correction ending at about .618 of Wave 1. Use right-side fibs that are based on start price and subwave 5 price $.20245.
Wave 2 is a WXY correction ending at about .618 of Wave 1. Use right-side fibs that are based on start price and subwave 5 price $.20245.
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To be thorough, here is another plausible count based on an even further extended subwave 5 followed by a more traditional ABC corrective Wave 2.Note
To be honest, I just like making charts :pNote
I shared this chart in comments section and will post here for convenience to everyone. The dotted lines represent buying targets only if reached after a bounce at a higher price. For example, if price bounces at the bottom of the pink channel. Based on the two depicted descending channels, xrpusd has a high probability to reach at least $.37 to touch top of pink channel upon breakout of white channel. It could then retrace to about $.33 to confirm the white channel breakout or directly continue to breakout of pink channel.
Also, $.37 approx aligns to a wave 3 target of 2.618x wave 1.
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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.