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
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