Here's my latest XRP chart, which includes potential levels that could be hit, along with an alternative path for the 5th wave, assuming the bottom is already in on the chart.
- If wave 4 is already complete, then the wave 6 "flash crash" low would likely be higher than the chart shows, perhaps staying within the lower white trendline (thicker white line).
- If wave 4 isn't complete, then the wave 6 "flash crash" would likely go outside the lower white trendline (thicker white line), targeting the green fair value gap (FVG) in the chart or somewhere between that FVG and the lower white trendline, sweeping the previous lowest low of the entire pattern.
- The fair value gap that absorbed the "Trump Crypto Reserve" tweet breakout—which quickly failed after hitting the gap—would likely be filled during the 5th wave (false breakout leg), taking out that high before the April "flash crash."
- The real breakout, the 7th wave, would likely take out the previous all-time high and run to the top of the pattern, reaching the area of the upper white trendline (thicker upper white line).
I will be going over this chart again very soon for anyone who follows me.
Keep in mind that the "flash crash" in April is a theory and may not come to fruition or could be off in timing. However, I do believe that the breakout will begin in May, even if the "flash crash" does not occur in mid to late April.
Good luck, and always use a stop loss!
- If wave 4 is already complete, then the wave 6 "flash crash" low would likely be higher than the chart shows, perhaps staying within the lower white trendline (thicker white line).
- If wave 4 isn't complete, then the wave 6 "flash crash" would likely go outside the lower white trendline (thicker white line), targeting the green fair value gap (FVG) in the chart or somewhere between that FVG and the lower white trendline, sweeping the previous lowest low of the entire pattern.
- The fair value gap that absorbed the "Trump Crypto Reserve" tweet breakout—which quickly failed after hitting the gap—would likely be filled during the 5th wave (false breakout leg), taking out that high before the April "flash crash."
- The real breakout, the 7th wave, would likely take out the previous all-time high and run to the top of the pattern, reaching the area of the upper white trendline (thicker upper white line).
I will be going over this chart again very soon for anyone who follows me.
Keep in mind that the "flash crash" in April is a theory and may not come to fruition or could be off in timing. However, I do believe that the breakout will begin in May, even if the "flash crash" does not occur in mid to late April.
Good luck, and always use a stop loss!
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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.