Ripple Elliott Wave technical analysis [Video]
|XRP/USD – Elliott Wave technical analysis
Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Direction next higher degrees: —
Wave cancel invalid level: —
XRP/USD trading strategy
After an extended corrective phase, XRP appears to have completed wave (II) and is now entering wave (III), typically the strongest and most dynamic segment of the five-wave Elliott structure. Wave (I) ended at 3.3934. The corrective wave (II) formed a Double Zigzag (WXY) and bottomed at 1.7260. Current price action suggests the development of sub-waves 1 and 2 within the advancing wave (III). Key retracement levels for wave 2 are:
- 50% = 1.9172
- 61.8% = 1.8458
Trading strategies:
Strategy
- For swing traders (short-term): Wait for the reversal of wave 2 to initiate entry into wave 3.
Risk management
- Structural cancellation point (W.C. Invalid) is identified below 1.60.
XRP/USD – Elliott Wave technical analysis [Video]
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