Based on the long-term Neely-Elliott Wave count, we are likely in the middle of wave-D. Time targets for the end of wave-D are =(b+c)/2, which puts us right at July, same time target that we have for BTC.
Based on the three day chart, it appears that we've completed wave-B of what is probably a triangle, and we should get a wave-C that will take us to at least 0.24, after wave-C we will have likely hit the bottom and then we'll make a higher low for wave-E and after that point which should happen in july, we'll begin a violent wave up.
For now, it's best to remain neutral on XRP until July. At that point, if the triangle has formed like expected, or if we see another completed standard pattern, then we can aggressively enter the market. Also because there are several possibilities here on the three day, we can be pretty confident that we're in the middle of a pattern, rather than the end of a pattern, so it's unlikely that we see a long-term trend change until we see the possibilities being reduced down to one. For the next few months price action will probably be extremely choppy to shake out as many traders as possible before the next bull run.
Based on the three day chart, it appears that we've completed wave-B of what is probably a triangle, and we should get a wave-C that will take us to at least 0.24, after wave-C we will have likely hit the bottom and then we'll make a higher low for wave-E and after that point which should happen in july, we'll begin a violent wave up.
For now, it's best to remain neutral on XRP until July. At that point, if the triangle has formed like expected, or if we see another completed standard pattern, then we can aggressively enter the market. Also because there are several possibilities here on the three day, we can be pretty confident that we're in the middle of a pattern, rather than the end of a pattern, so it's unlikely that we see a long-term trend change until we see the possibilities being reduced down to one. For the next few months price action will probably be extremely choppy to shake out as many traders as possible before the next bull run.
Note
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This chart has held up very well for the last 4 months. Now that it's July and we're crossing the threshold here we are very likely to see some extreme acceleration to the upside beginning very soon.
Note
We continued to stay neutral until a little bit longer than July, but we're still within the timezone for the end of wave-D, and now it looks like based on the momentum that we may have bottomed out and are beginning the climb now.
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I no longer post here. Find me on x.com/intuit_trading
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.