XRP: Updated Elliott Wave Count (log)
A slight change to my previous long term Elliott wave counts to incorporate the new price low today that invalidated the previous 1-2 option I was following. Turns out the correction from Jan ATH was a more complex one. The more complex, longer lasting correction also served to flattened out the trend channel so that the upper and lower are parallel on the log scale. As a result of these changes, and because of the depth of the retracement (over 80%), I have also relabelled the larger counts at the primary degree level (ie. the early Jan ATH was the end of Primary degree wave 1 instead of intermediate wave 3 within primary degree wave 1). The market always knows best... our job is to simply align our analysis with what it is telling us.
The changes havent significantly altered the longer term view... that we are at the end or very near the end of a correction in a larger degree bull trend. The correction has retraced over 80%. Daily RSI hit an all time low today and has turned up. Daily MACD and STOCH indicators have crossovers. Reversal price bar in place today with significant volume and forms the second touch of the lower bar of a parallel trend channel. All the pieces are in place for a trend change... now we watch and see what the market provides to see if we are aligned or if the market needs another dip or two to complete the pattern.
Note: Future price pattern is included to illustrate the direction and common elliott wave pattern.
The changes havent significantly altered the longer term view... that we are at the end or very near the end of a correction in a larger degree bull trend. The correction has retraced over 80%. Daily RSI hit an all time low today and has turned up. Daily MACD and STOCH indicators have crossovers. Reversal price bar in place today with significant volume and forms the second touch of the lower bar of a parallel trend channel. All the pieces are in place for a trend change... now we watch and see what the market provides to see if we are aligned or if the market needs another dip or two to complete the pattern.
Note: Future price pattern is included to illustrate the direction and common elliott wave pattern.
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