Hi all! I want to focus on the Elliott Wave Structure in the Weekly Time Frame.
XRP has successfully concluded the 2nd Wave in the Weekly Time Frame, a pivotal point in its price trajectory. I've highlighted this smaller ABC structure in orange, for the first time which is known as Wave 2, a corrective Wave.
1. XRP in the Weekly Time Frame
We expected and emphasised the possibility of extending to the LAST Fibonacci Level at $0.3917 while XRP was in correction. However, XRP managed to stay above $0.4623 (38.20% Fibonacci Level).
You can also structure the Orange ABC Wave into 5 downside Waves. Whatever you do, the output is the same. XRP is just killing time; that's the only explanation I can come up with.
Zommed:
2. Target Levels for XRP
The minimum Wave 3 is set at the initial Fibonacci Level of $1.8815, and XRP is maintaining its current targets. As the week draws to a close, the BLUE SUPPORT is holding steady at $0.5286. If XRP remains above this level, it will be within the previous Triangle.
This Triangle will be broken with XRP potentially reaching the $1 area, the bottom of the Weekly Ichimoku Clouds, before finalising this Wave. Remember, the 3rd Wave, according to the Elliott Theory, could extend to $5.85 and $18.22 respectively.
The other aspect I mentioned previously was the 2013-2017 pattern. This structure finally will end.
Will XRP follow history?
Time will reveal all.
I'll keep you updated!
Cheers, Dark
None of the targets represented on defenddark.com and defenddark.net are financial advice. Please seek professional advice if you are trading or investing in any asset.