XRP - 4H Elliott Wave Analysis

2 Şub

Greetings, here is an update of the Elliott Wave Count for XRP.

It seems the lower timeframe support area of white Wave 2 didn't hold and we are going down lower at the moment. As mentioned in the last update, a break of the white Wave 2 support area indicated a reset of blue Wave 2 in an extended correction displayed as red ABC.

The blue Wave 2 support area sits between the 0.5 FIB at 2.7350 USD and the 0.786 FIB at 2.4149 USD. The next target for red Wave C are the 1 to 1 FIB at 2.5130 USD.

For the red Wave C we added a low timeframe count in displayed turquoise.
Technically we could've finished the five Waves but extensions are possible.
If we extend we want to see a Wave 4 soon.

The support area for turquoise Wave 4 sits between the 0.236 FIB at 2.7981 USD and the 0.5 FIB at 2.9212 USD. If we touch the 0.618 FIB at 2.9763 USD the Wave 4 gets invalidated and the low is either in or we get a more complex corrective structure.

After blue Wave 2 finished we want to see a rally in blue Wave 3 which should take us above the previous ATH at 3.5505 USD.

Thanks for reading.

NO FINANCIAL ADVICE.

2 Şub

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