SUMMARY
On April 7th, the below chart of RIPPLE (XRP) was shared with a note of an impending price breakout given how far the downward bullish wedge had traveled in proximity to the apex. The MACD symmetrical triangle was also screaming for an upside release. Price was at $0.453 and price ran up as high as $0.965; delivering a 113% profit. Not too shabby!
The wave 1 of the impulse rise is probably complete which means wave 2 correction is taking place. Recall that for Cryptos, wave 2 can retrace usually towards the 0.618 or 0.78 Fib zone; so yes, it can be a bit deep. BUT, the whole sequence of impulse at a higher degree of trend shows that a bullish trend reversal has just started. Wave target is currently set to $2.01 by June or July or so. My confidence in timing is always the lesser compared to that of price targets.
Now, let's include pattern and indicator. The below chart shows a very nice contour of a sizable rounded bottom formation and the Elliott Waves jive quite well with it. The right wall is clearly being built and it'll be done so in an impulsive wave sequence. For patterns, symmetry is very attractive; so, if the prior highs are reached or slightly exceeded...great!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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