Was Yesterday's Climb (and Today's Pullback) a Textbook Elliot Wave Cycle?
First attempt at a TA here... Really more of a retrospective.
It really looks like The XRP action of the last week played out a Textbook Example of an Elliot Wave. Furthermore, the peak at 17:30 looks like it ought to be the peak of Wave 5, but it immediately breaks into a wedge pattern. It follows that wedge darn near to the tip before it breaks up, indicating a Wave 5 Extension.
Then the B wave during the correction breaks into another wedge, also right to the tip. This time it breaks down to complete the ABC.
Both of the these wedges (dotted blue) look even better in the 5 mins chart, like they were drawn by a ruler.
1.37 up, 0.85 down (1.37 / 0.85 = 0.620), so almost spot on .618 retracement.
If I'm right, I'm thinking the little lift starting at 19:45 might be the start of a new cycle. Don't know enough to speculate about where it will go / when it will end.
Please let me know your thought.
First attempt at a TA here... Really more of a retrospective.
It really looks like The XRP action of the last week played out a Textbook Example of an Elliot Wave. Furthermore, the peak at 17:30 looks like it ought to be the peak of Wave 5, but it immediately breaks into a wedge pattern. It follows that wedge darn near to the tip before it breaks up, indicating a Wave 5 Extension.
Then the B wave during the correction breaks into another wedge, also right to the tip. This time it breaks down to complete the ABC.
Both of the these wedges (dotted blue) look even better in the 5 mins chart, like they were drawn by a ruler.
1.37 up, 0.85 down (1.37 / 0.85 = 0.620), so almost spot on .618 retracement.
If I'm right, I'm thinking the little lift starting at 19:45 might be the start of a new cycle. Don't know enough to speculate about where it will go / when it will end.
Please let me know your thought.