Falling wedge has completed and has likely confirmed. I’ve associated both a WXY correction pattern and a Wyckoff Distribution phase to the wedge. The WXY comprises three ABC patterns. The Distribution starts at W and ends at Y.
The dotted vertical lines act as WXY and ABC markers. The horizontal dotted lines correspond to key points in a Distribution phase pattern. Also, the price difference from peak to W is about 1.618x the difference from X to Y. That is, X to Y ~= .618(Start to W).
Lastly, XRPUSD has probably completed some degree wave 1 of a new bull market with a WXY correction.
The dotted vertical lines act as WXY and ABC markers. The horizontal dotted lines correspond to key points in a Distribution phase pattern. Also, the price difference from peak to W is about 1.618x the difference from X to Y. That is, X to Y ~= .618(Start to W).
Lastly, XRPUSD has probably completed some degree wave 1 of a new bull market with a WXY correction.
Note
Here’s a look at possibly waves 1 and 2 of a new bull market. By the way, this wave has formed a leading diagonal. Left-side fib levels are based on wave’s start ($.14108) and lesser degree wave 1 ($.16506). Right-side fib levels are based on wave’s start and lesser degree wave 5 ($.22686).Based on the wave’s current retracement, if price doesn’t hold above $.18922 then price will likely further retrace to at least $.169 and possibly as low as $.149.
Note
Also, if it’s not clear, the wave starts on 16 March, which is the same date and price as indicated in this idea’s primary chart.Note
These patterns should reassure us that XRPUSD will continue an upwards trend. Depicted: price confirmation of break above downwards channel and completion of a Distribution phase that began at recent price peak. The dotted line rays align with typical distribution pattern.
Note
I made a possible correction to the chart of Waves 1 and 2 that I shared in the second update to this idea. I have published it as a separate idea, see below. A bullish takeaway, Wave 2 pulled back to and then bounced at .618 level of Wave 1.
Note
Lastly, there’s this possibility with a further extended subwave 5 that still follows ABC leading diagonal rules. To the technically astute EW traders, might be more accurate to still label the correction as WXY.Note
Update
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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.