XRP in Ascending Triangle - Elliot Wave Analysis V.3

Updated

XRP is completing its last wave inside of the triangle, the E wave. After this, in theory, we should start another main wave pushing us outside of the triangle and upwards of 50 cents. The 1hr chart shows a regular flat ABC correction with a proposed path for corrective wave C. The 4hr chart on the left shows the individual 5wave ABC correction for the outer main wave if you want a simplified view of things pay attention to the Elliot triangle wave (ABCDE in orange). According to this wave count, we would break out of the triangle after wave E and start another bullish cycle. This pattern could be easily interrupted by manipulation and especially a drop in BTC, and in case we do complete wave E and start a 5 wave out of the triangle your best advice to see if the breakout is legitimate, is volume.

*This analysis does not represent any trading advice and is simply an analysis based on my opinion*

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So far following waves apart from the Y wave being a little too short, can still work out tho.

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I'm buying in 3 stages, 1 batch bought, 2 more around the triangle trendline. So far its following the projection perfectly.

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It looks like we are finishing the C wave of the correction inside of a falling wedge, looks like a perfect setup for the subsequent bullish E wave.
tradingview.com/chart/cucJ8DIu/

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Sorry bad link:

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2nd Position entered, price is following analysis inside of falling wedge. We should break out of the wedge soon, which is supported by a bullish divergence on the 4hr MACD and RSI, which is noted in the bottom right of the following chart by a white line.

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3rd position entered, we will see a bounce soon

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Should be there very soon, in a small bullish pennant

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So we've broken out of the falling wedge with very little of a volume spike, which worries me, as it could be a potential signal for a bull trap. Nonetheless, the bullish divergence on the 4hr continues developing so maybe we'll see a more significant rise soon. In the chart below I've plotted the first estimation for an interim Elliot wave ... well, see how we progress. So far every assumption I have made, happened, let's see if we can continue like that.

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I'm going to quite straight forward, I don't see there to be any sort of pattern right now, the break out from the falling wedge was more than disappointing and proved to be a small bull trap, the only reason I'm keeping the positions open is the continuous bullish divergence on the 4hr.

If you want to follow me on Etoro, schuler33

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Seems like it was the right decision to keep the positions open. Just noticed that we might have been in a bigger falling wedge. I'll keep holding still looking for a large volume breakout.

Benjingtai

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