XRPUSD trying to play me for a fool but I ain’t no fool. Price looks to be continuing in a leading diagonal Elliott Wave. If this turns out to be a cycle wave 3 then I hope you each join me in ordering an astronaut suit because that would make the previous ATH cycle wave 1.
Based on chart, price is trying to end primary wave 4. I indicate W4 ending where the 1.854 fib extension would be if it were displayed. Subsequent primary wave 5 would then target between the prices I’ve indicated. W5 has a high probability of extending because W3 was not extended. Hence. the target range for W5 covers from 1 to 2.618 x W1’s length.
MACD Stochastic and several DMAs possibly corroborate this EW count. In my opinion, MACD is neutral to bullish and Stochastic has room to go before reaching overbought zone. Possibly, the 100 DMA in red has acted as support and the 5 DMA in blue has crossed the 20 DMA in purple.
Based on chart, price is trying to end primary wave 4. I indicate W4 ending where the 1.854 fib extension would be if it were displayed. Subsequent primary wave 5 would then target between the prices I’ve indicated. W5 has a high probability of extending because W3 was not extended. Hence. the target range for W5 covers from 1 to 2.618 x W1’s length.
MACD Stochastic and several DMAs possibly corroborate this EW count. In my opinion, MACD is neutral to bullish and Stochastic has room to go before reaching overbought zone. Possibly, the 100 DMA in red has acted as support and the 5 DMA in blue has crossed the 20 DMA in purple.
Comment:
Please disregard this idea and check out the new one I recently published. It supersedes this one.
