Know that I'm wrong most of the time. At least in the short term. But counting waves from the 2018 top this is what I came up with. Maybe the current lawsuit can give XRP a total other path (up or down) But when looking only at the chart and wave patterns, this is what I see.
Kommentera
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Possible flat for wave 4 now completed. If XRP drops from here (0.58c) this idea might still be valid and we're looking for lower prices.
This scenario is not happening. Count the elliot wave retraces.
The_Chart_Master
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@XRP-Jonny, not sure what you mean with "The C leg has no bottom". If the yellow count is going to hit, the whole correction from January 2018 til then is just a giant wave 4. And a bullish one if it doesn't make a new low. If the red one plays out and stays above 0.062 cents it's still bullish. Note that this is a macro count.
XRP-Jonny
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@The_Chart_Master, The C leg can go anywhere it wants.... could stop now, could go to $0.07...
i initially thought $0.17, but looked at the market as an entire whole....
Try looking at 2020 as WAVE 2 in a macro sense.
You think the bottom of 2022 is sitting on the 1.618FIB of the 17 crash?
The_Chart_Master
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@XRP-Jonny, I get what you say, however, the uptrend from March 2020 does imo not contain 5 waves, and seems more like an ABC. XRP loves extended 5th waves.
@XRP-Jonny, it could be a zig-zag correction but that doesn't magically make the pump from 2020 a wave 1 imo. Had it a clear 5 waves, I would be totally happy with a wave 2 being a zig-zag...
XRP-Jonny
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@The_Chart_Master, lets see what happens. IMO, FUD has done its job. I wanted to sell and pick up on the $0.17... but realling smelling a $1.11 and $0.43 retrace and gets out of here.
IF XRP hit the 0.786FIB, wave 3 is about to load to the $589 target.
@XRP-Jonny, well another EW rule: wave 3 is most of the time the longest, but never the shortest. In this example, wave 3 is clearly the shortest. It's just not a solid uptrend. The more reason I go with an ABC correction instead of an uptrend.
This scenario is not happening. Count the elliot wave retraces.