After finishing an aggressive 5 Wave move down for Wave 1 of the pending C wave, Bulls are hoping to break past the higher resistance level as price prepares to make a return the level of $1.60-$1.70.
Currently developing a 535 Zig Zag correction, we can expect A wave to form as a leading diagonal (first green wave structure). The retracement from this formation calls for a 78.6% drop (on average) to the range of $1.20-$1.30.
From $1.20-$1.30, the XRP Army will find faith again in the up move.
Big test approaching at the $1.60-$1.70 range; expecting failure and more downside.
Currently developing a 535 Zig Zag correction, we can expect A wave to form as a leading diagonal (first green wave structure). The retracement from this formation calls for a 78.6% drop (on average) to the range of $1.20-$1.30.
From $1.20-$1.30, the XRP Army will find faith again in the up move.
Big test approaching at the $1.60-$1.70 range; expecting failure and more downside.
Trade active
with a new low coming in after my post above, the formation for XRP is now different. i expect bulls to get stifled around the $1.60 region.if this pans out the drop will become quite momentous.
Note
Be careful of one last small pump to the $1.70 region for a WXYXZ (triple zig zag) correction.Order cancelled
1.69 came but not in the formation expected.Bears will take off from $0.75 area soon.
Bear wave pretty much over (for now).
Decode the wave, anticipate the move. elliottwavescience.com
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Decode the wave, anticipate the move. elliottwavescience.com
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.