XRP Ripple looks like its making another, yes another, ABCDE Symmetrical Triangle. This would explain why I couldn't count 5 subwaves for our wave A in the correction. Triangles are 3 - 3 - 3 - 3 - 3 patterns. and then they break out.
We already hit the 0.236 Fibonacci retracment, and I suppose we could be finished and ready to break out. A 0.236 Fibonacci Retracement is very bullish as it only occurs about 15% of the time. And it wouldn't be so unreasonable as our Wave 2 retraced more then 78.6% of Wave 1.
Technically symmetrical triangles can break either way, so be careful with a stop loss below the apex of the triangle if you are choosing to go long.
It's a pretty good Risk:Reward Setup. Even to conservatively target $0.95, which is just over the local high, we have over a 3:1!
Get ready for some action in Ripple because we're right at the apex!!
If you would like to see how this plays out here is the link to my idea on TradingView
https://www.tradingview.com/chart/XRPUSD/GiUWd33I-Ripple-Made-Another-Triangle/
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management!
Feel free comment any questions or chart requests you may have below. Happy trading!
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