Since the latest price action, I have decided to update the channel lines! As you can see, the price action has dropped out of the lower channel, and yet remains in the "Throw-over" zone! At this point, price really needs to hold the outer dotted channel line.
First, let me address the statement, "Dude, it's blown out of the channel"! For anyone that has studied Elliot Wave, then you know that the channels are NOT an exact line that price needs to obey/respect! Rather, the channel line is an "ESTIMATED" line where a trader can anticipate a reversal!!! On top of that, Ralph N. Elliot, ie Elliot Wave, observed that price would typically "Throw-over" the given channel line an enter a zone, which he referred to as, the "Throw-over" boundary, and it is expected that if Wave 3 threw over the channel line, then it is also expected that Wave 4 would also follow that same trend....thus, we have our channel lines along with the "Throw over" zones, and our current price for XRP has remained in the zone!!! That said, it's holding on by a narrow margin, and price is approaching disaster!
Should the existing channels hold, as I have laid out, and price moves up into the channel again, then I am anticipating a strong move that would take price to a minimum of 95 cents, and possibly higher. Remember, this is a Weekly chart, and price could remain in this channel for at least another week.
What if the price drops out or closes below the Throw over zone? I'm anticipating price to find support between 15-16 cents.
Good Luck!
First, let me address the statement, "Dude, it's blown out of the channel"! For anyone that has studied Elliot Wave, then you know that the channels are NOT an exact line that price needs to obey/respect! Rather, the channel line is an "ESTIMATED" line where a trader can anticipate a reversal!!! On top of that, Ralph N. Elliot, ie Elliot Wave, observed that price would typically "Throw-over" the given channel line an enter a zone, which he referred to as, the "Throw-over" boundary, and it is expected that if Wave 3 threw over the channel line, then it is also expected that Wave 4 would also follow that same trend....thus, we have our channel lines along with the "Throw over" zones, and our current price for XRP has remained in the zone!!! That said, it's holding on by a narrow margin, and price is approaching disaster!
Should the existing channels hold, as I have laid out, and price moves up into the channel again, then I am anticipating a strong move that would take price to a minimum of 95 cents, and possibly higher. Remember, this is a Weekly chart, and price could remain in this channel for at least another week.
What if the price drops out or closes below the Throw over zone? I'm anticipating price to find support between 15-16 cents.
Good Luck!
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"Remember this is a weekly chart and price can remain in the "throw over" zone for at least another week...possibly!"