In the Prequel to this post I stated what I wanted to see for Ripple to continue in an impulsive fashion. For that to play out, I needed Ripple to hold 44 cents, and it did not. I had given it some grace in my own trading as it hit and bounced off 43 cents. RN Elliott Simply didn't want to see wave 4 cross wave 1. That cross has not happened. However, the work of Avi Gilburt and the team on Elliott Wave trader suggests that, wave 4 should not retrace ore than 50% of three in log, and that is where 44 cents came from. Since we broke down again after the 43 cents low, I have to hold Ripple as non-impulsive, and this means that the bottom may not be in, ultimately. I now count this rally as a B wave, and generally the C wave goes lower than the end of A. For now, I do believe we'll see a 'circle-c of B' start before too long, though we may see lower first. If we break the low labeled circle-B, this opens the door to the C wave already being in progress, and as if so, this the scenario marked with the red circle-b, and the red C in this situation projects to 4 cents. So, this coin is now very precarious on a weekly basis. But risk to reward for a swing trade with a stop below circle B is pretty good.
Note that free 15 day trials are available for our trading room and community on Elliott Wave Trader, where I am a full time analyst. You'll rub nose with, professional, amateur and traders in the learning process, while getting trade calls and ongoing direction for the market. No credit card is needed for a trial.