XRP: Strange Elliot Wave and Possible Buy-in Opportunity
If we look at our 30-min chart, we can see that the price has broken out of the key level of resistance. We want to see if this bullish sentiment is sustained to determine our next buy-in opportunity.
I noted that the ABC correction looked like it was going to be a classic textbook 535 zigzag in one of my previous analyses on XRP, but I've found that the final C wave is skewed by the overwhelming upward momentum that is apparent in the daily and our 30-min is suggesting a possibility that the C wave has finished and that the beginning of the next progressive wave is upon us. I understand that the C wave can be seen as "invalid" by zealot Ellioticians (because the fourth wave went past the first), but if you look closely, you can see that the buyers are clearly beating the sellers, which is causing the C wave to become skewed, as it forms the lavender triangle and the price is shot out of the apex and above the key level of resistance that has held down the dominant ABC wave. The 30-min's ichimoku cloud indicators are supporting this hypothesis, but we should be careful and patient just in case my hypothesis is incorrect and the price is rejected by the grander downward force that is projected by the ABC wave. The daily is still bullish, the 30-min is bullish, but the 4-hour has the possibility of becoming bullish over the next one to two days, as we should keep our eyes on the lagging span to see if it moves into a bullish position (and then watch out for a TK Cross) so that we can determine if this is actually the end of the correction and so that we can set ourselves up for the next progressive wave and make a well-informed decision regarding when to buy-in.
If my hypothesis is proved correct, I suggest buying in at the second wave of the next progressive wave since this is the only buy-in opportunity in the immediate future that is the most well-informed.
I hope this helps and happy trading!
-LB
I noted that the ABC correction looked like it was going to be a classic textbook 535 zigzag in one of my previous analyses on XRP, but I've found that the final C wave is skewed by the overwhelming upward momentum that is apparent in the daily and our 30-min is suggesting a possibility that the C wave has finished and that the beginning of the next progressive wave is upon us. I understand that the C wave can be seen as "invalid" by zealot Ellioticians (because the fourth wave went past the first), but if you look closely, you can see that the buyers are clearly beating the sellers, which is causing the C wave to become skewed, as it forms the lavender triangle and the price is shot out of the apex and above the key level of resistance that has held down the dominant ABC wave. The 30-min's ichimoku cloud indicators are supporting this hypothesis, but we should be careful and patient just in case my hypothesis is incorrect and the price is rejected by the grander downward force that is projected by the ABC wave. The daily is still bullish, the 30-min is bullish, but the 4-hour has the possibility of becoming bullish over the next one to two days, as we should keep our eyes on the lagging span to see if it moves into a bullish position (and then watch out for a TK Cross) so that we can determine if this is actually the end of the correction and so that we can set ourselves up for the next progressive wave and make a well-informed decision regarding when to buy-in.
If my hypothesis is proved correct, I suggest buying in at the second wave of the next progressive wave since this is the only buy-in opportunity in the immediate future that is the most well-informed.
I hope this helps and happy trading!
-LB
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