Based on Elliot wave theory we reached the perfect top of wave 3. Now currently it looks like we will retrace back to the 38.2%-50% level. However keep in mind that sometimes we will see extended waves. Right now the length of wave 3 is the same as wave 1 however because the markets have been recovering and coins are starting break out extended waves are more likely to occur. It's clear however that once we hit that top the price immediately dropped. That doesn't mean wave 3 won't be extended, all it means is that people are using their Fibonacci tools to make their trades. If you look at extended waves you will often notice that the price at that perfect 1:1 ratio is hit and then there is an immediate sell, however the price quickly recovers with little retracement during extended waves. As I write this the candle continues to grow larger so I will assume a retracement then on to wave 5.
تم فتح الصفقة:
Updated with possible ABC corrective waves
تم فتح الصفقة:
Don't want to get too ahead of myself but this is a possibility. Focus on the price targets rather than the price riding along the lines. I also adjusted wave 4 since I have a bad habit of putting it in wave 1 territory. Make sure not to do that. In that case the price has already fallen to the proper retracement.
تعليق:
Looks like xrp is struggling on the 4hr chart. Always have stop losses just in case
تعليق:
I think we'll hit the 55 ema on the 4hr chart and then go up from there
تعليق:
Fail
تعليق:
Going back up?
تعليق:
This is my recount of the waves.