Two issues here:
(1) Elliot wave rule: "Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle formation."
Wave 4 candle closed below the highest candle (normally marked wave 1). But, in my chart, I show wave 1 ending as a diagonal triangle. So, I put the 1 at the end of this triangle. The candle (not wick) closed at $0.218. In this case, wave 4 candle (if reached) did not close candle lower than this.
(2) In 2017 after XRP broke above the trend line, it followed the top of the trend line then touched once more 168 days later. So I showed a possible wave 4 on the chart. But, such a wave 4 would violate the elliot wave rule written above.
So this elliot wave rule could be key in telling us that wave 4 has been completed, since any lower would go below wave 1, as I defined it.
(1) Elliot wave rule: "Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle formation."
Wave 4 candle closed below the highest candle (normally marked wave 1). But, in my chart, I show wave 1 ending as a diagonal triangle. So, I put the 1 at the end of this triangle. The candle (not wick) closed at $0.218. In this case, wave 4 candle (if reached) did not close candle lower than this.
(2) In 2017 after XRP broke above the trend line, it followed the top of the trend line then touched once more 168 days later. So I showed a possible wave 4 on the chart. But, such a wave 4 would violate the elliot wave rule written above.
So this elliot wave rule could be key in telling us that wave 4 has been completed, since any lower would go below wave 1, as I defined it.
Note
I'm ok at Elliot waves, not expert. Input is definitely welcome.Note
I am aware that the weekly candles of wave 1 and 4 did not overlap. Perhaps that is a solution too.Note
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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.