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Ripple Elliott Wave technical analysis [Video]

Ripple Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

XRP/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave ((B)).

Direction next higher degrees: Wave IV.

Wave cancel invalid level:

XRP/ U.S. dollar(XRPUSD)Trading Strategy: XRPUSD is in a wave II structure, which is a corrective wave. After the end of wave I, wave II is expected to form a corrective ABC structure. Currently, the price is in the sub-wave b of this structure. After the end of wave b, the price is expected to correct down to the end of wave c of wave II.

Trading strategies

Buy strategy (long position):

  • Wait for the price to adjust down to the support zone of 1.8936 - 1.5370 and look for an opportunity to open a buy position.

Risk management:

  • Set Stop Loss below 1.5000 level.
Ripple

XRP/USD Elliott Wave technical analysis

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave ((3)).

Direction Next higher Degrees: Wave a.

Wave cancel invalid level:

Details: The current structure of XRPUSD shows a downward correction in Corrective Wave (a), which still has a chance to move down further.

XRP/ U.S. dollar (XRPUSD) Trading Strategy: XRPUSD is in a wave II structure, which is a corrective wave. After the end of wave I, wave II is expected to form a corrective ABC structure. Currently, the price is in the sub-wave b of this structure. After the end of wave b, the price is expected to correct down to the end of wave c of wave II.

Trading strategies

Buy strategy (long position):

  • Wait for the price to adjust down to the support zone of 1.8936 - 1.5370 and look for an opportunity to open a buy position.

Risk management:

  • Set Stop Loss below the 1.5000 level.
Chart

Ripple Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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