XRP weekly chart. So what's bullish?
Reversal diamond
Candle closed above 100 week MA.
Ascending triangle forming abcde pattern to break through historical 31 cent resistance.
Heavy volume below reversal diamond confirms reversal.
Not on chart, but busted through 200 day MA
About Elliot wave on my chart:
In 2017, there is a clear 1-5 pump to wave 1 to this same exact level.
The current chart, if I were to count the waves from the 11 cent low, my waves 1 and 2 would really be 3 and 4.
So what's going on? (1) XRP pumping differently than 2017. (2) Start wave 1 count from the exit of the descending triangle .
I chose to count wave 1 starting from the exit of the reversal triangle. That might not be correct. I don't know.
I did this to match Elliot wave counts at the same level with the 2017 fractal .
Comments from Elliot wave gurus would be welcome on this nuance.
Reversal diamond
Candle closed above 100 week MA.
Ascending triangle forming abcde pattern to break through historical 31 cent resistance.
Heavy volume below reversal diamond confirms reversal.
Not on chart, but busted through 200 day MA
About Elliot wave on my chart:
In 2017, there is a clear 1-5 pump to wave 1 to this same exact level.
The current chart, if I were to count the waves from the 11 cent low, my waves 1 and 2 would really be 3 and 4.
So what's going on? (1) XRP pumping differently than 2017. (2) Start wave 1 count from the exit of the descending triangle .
I chose to count wave 1 starting from the exit of the reversal triangle. That might not be correct. I don't know.
I did this to match Elliot wave counts at the same level with the 2017 fractal .
Comments from Elliot wave gurus would be welcome on this nuance.
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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.