Elliott Wave Count on XRP
Updated
XRPUSDThis is a tough call, since Bitcoin is shooting up strong now, and my call could be invalidated soon, nether the less, here we go.
The XRP-USD pair has been in a long-term Bear Market ever since the beginning of January of 2018, correcting the previous multi-year Bull Market. It seems to be unfolding as a Triple Three Correction, fxstreet.com/education/an-elliott-wave-structure-triple-three-corrections-201908132016 , of which we have already trace wave W,X,Y,X and are currently tracing wave Z, which starts at the June high in 2019, at about $0.50 USD. I will explain the last wave Z in detail later, here is the long term overall count:
Cicle Wave Y, which starts at around $0.50 USD, subdivides in 3 waves, A,B,C, from which we have already trace waves A,B and are currently tracing the last part of Primary Wave C. Primary Wave C, subdivides in 5 intermediate waves, from which we already trace wave 1,2,3,4 and are currently starting to trace wave 5, which started at around $0.2256 USD on January 7, 2020.
Wave 5 should take us to around $0.15 USD, maybe all the way down to $0.10 USD by the end of January or the beginning of February.
Invalidation point and stop loss is $0.226 USD, and the price target is somewhere between $0.16 USD to $0.09 USD by the end of January or the beginning of February.
Of course, for this Wave Count to take place as stated here, Bitcoin will need to fall to $6,000 USD or lower, also most Altcoins.
So here you go, that is the Wave Count, it is very complex, and not the only possibility, but is the one which makes the most sense to me.
Good Luck to You
Trade closed: stop reached
The wave count has been invalidated, the move from the $0.1750 lows can not be a wave 4.Will see about alternatives later on. That does not mean I'm bullish here. Will see.
Good Luck to You
Note
The alternative scenario is that Wave C ended at $0.1750 in December 2019 and that a New Long-Term Bull Market has started. And even if that where the case, we just made a 5-wave impulse higher and a correction is due, which should give us a chance to get long at a better price, will see.
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