Broke out of downward channel. 4hr chart. Retest and now moving up in a wave 3 impulse to carry us past $3 and hopefully to $4 by wave 5. When complete in its entirety this is wave 1 of a larger wave 5 on the macro scale to take us to $6-$8
This is the wave count.
Zigzags upward aren’t always waves and you can’t nilly willy use EWT to make what looks good a wave count.
1. Wave 1: The first wave is the initial move in the direction of the new trend (up in a bull market, down in a bear market).
2. Wave 2: The second wave is a correction that retraces part of Wave 1 but never moves beyond the...
Continuation of original theory.
Xrp bounced nicely off bottom of forming triangle and is now working back to the top of the range within said triangle. Puts us at June before we see any real price action…
A break below $1.89 invalidated the triangle.
A break above $3 needs to retest and bounce higher before we can confirm we are out of the range.
I...
Possible formation of symmetrical triangle forming for Ada long term. Testing the high and lows of the triangle. Also could be within a channel with a downward trend. Time will tell. If it breaks the bottom of the channel the triangle theory is out.
Xrp is bouncing off the bottom of the channel, pinbar candle on the 4 hr is upward pressure now that it has tested the bottom. It will probably trade in this range for a while however a symmetrical triangle is forming and it could be a larger wave 4 pullback in Elliot wave before wave 5 takes us to new ath to round out bull cycle 2025.
