Ripple Long-term

XRP corrective wave ending at support level just above 0.786 Fibonacci ratio. Long term ascending support holding above 0.786. Elliot Wave cycle complete when it breaks recent descending resistance level. New Impulse wave target determined by stacking Fibonacci retracement and targeting 0.236.

Comment:

I neglected to put it on the chart, but a good entry point would be around 0.000102BTC. That's well above 0.618 and previous high and should confirm bullish move.

Set stop loss below 0.786, previous low, and 200 Day SMA, around .000045BTC

First profit target around 0.000288BTC, same move as before. Let profits ride or trail stop up to possible second target of 0.000426BTC

Order cancelled:

I got excited at the 0.786 and got a bit ahead of myself. The 0.786 is still holding for now and it's right at the long term SMA with practically no volume, so it's looking a lot more sketchy than I first thought. I don't think Wave C is done yet. I think it's probable that the 0.786 breaks. I think it will drop to around 0.000042 to complete the corrective wave.

Comment:

Ripple came right in on target. Watching where the first wave goes.