XRP in Ascending Triangle - Elliot Wave Analysis V.3

アップデート済

XRP is completing its last wave inside of the triangle, the E wave. After this, in theory, we should start another main wave pushing us outside of the triangle and upwards of 50 cents. The 1hr chart shows a regular flat ABC correction with a proposed path for corrective wave C. The 4hr chart on the left shows the individual 5wave ABC correction for the outer main wave if you want a simplified view of things pay attention to the Elliot triangle wave (ABCDE in orange). According to this wave count, we would break out of the triangle after wave E and start another bullish cycle. This pattern could be easily interrupted by manipulation and especially a drop in BTC, and in case we do complete wave E and start a 5 wave out of the triangle your best advice to see if the breakout is legitimate, is volume.

*This analysis does not represent any trading advice and is simply an analysis based on my opinion*

ノート

So far following waves apart from the Y wave being a little too short, can still work out tho.

トレード稼働中

I'm buying in 3 stages, 1 batch bought, 2 more around the triangle trendline. So far its following the projection perfectly.

ノート

It looks like we are finishing the C wave of the correction inside of a falling wedge, looks like a perfect setup for the subsequent bullish E wave.
tradingview.com/chart/cucJ8DIu/

ノート

Sorry bad link:

トレード稼働中

2nd Position entered, price is following analysis inside of falling wedge. We should break out of the wedge soon, which is supported by a bullish divergence on the 4hr MACD and RSI, which is noted in the bottom right of the following chart by a white line.

トレード稼働中

3rd position entered, we will see a bounce soon

ノート

Should be there very soon, in a small bullish pennant

トレード稼働中

So we've broken out of the falling wedge with very little of a volume spike, which worries me, as it could be a potential signal for a bull trap. Nonetheless, the bullish divergence on the 4hr continues developing so maybe we'll see a more significant rise soon. In the chart below I've plotted the first estimation for an interim Elliot wave ... well, see how we progress. So far every assumption I have made, happened, let's see if we can continue like that.

トレード稼働中

I'm going to quite straight forward, I don't see there to be any sort of pattern right now, the break out from the falling wedge was more than disappointing and proved to be a small bull trap, the only reason I'm keeping the positions open is the continuous bullish divergence on the 4hr.

If you want to follow me on Etoro, schuler33

トレード稼働中

Seems like it was the right decision to keep the positions open. Just noticed that we might have been in a bigger falling wedge. I'll keep holding still looking for a large volume breakout.