It appears we aren't going to end up with a Bull Pennant formation during this correction, instead we're seeing the Flat ABC correction I called as an alternative formation. A move below 0.63 would invalidate the counts, potentially forming a Bearish Triangle, or extending into an XYZ.
Remember that correction waves are also correction waves of a higher degree, in other words, this would be Wave 2 of the higher degree wave formation. Generally $XRP will hit 0.382 Fib of Wave 1 during a correction wave, and we hit that at 0.64260, with a bounce nearly perfect off the HA (P+S1)/2 level.
Further confirming the completion of the correction wave is the up-tick on the 4H RSI. This isn't valid until the start of the next bar as it is possible the 4H Fisher could turn back down in the next 3 hours.
4H LOI is significantly above the 100 EMA, and as of this bar is also making a new high. This means money is flowing into #Ripple, not out of it.
We should see a test of the Monthly Pivot at 0.69372 again, which will most likely form Wave 1, unless were strong enough then we could extend to 0.73, the HA Monthly Pivot which would set us up nicely for 0.84 instead of 0.77. I do expect a solid reaction to the descending trend-line marked in red.
Watch 4H RSI. I have marked a set of trend-lines there, a move above would further confirm the completion of the correction wave, and a move below would be... bad.
I will follow up at 11am CST to see if that 4H Fisher holds.
=======================
As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
Remember that correction waves are also correction waves of a higher degree, in other words, this would be Wave 2 of the higher degree wave formation. Generally $XRP will hit 0.382 Fib of Wave 1 during a correction wave, and we hit that at 0.64260, with a bounce nearly perfect off the HA (P+S1)/2 level.
Further confirming the completion of the correction wave is the up-tick on the 4H RSI. This isn't valid until the start of the next bar as it is possible the 4H Fisher could turn back down in the next 3 hours.
4H LOI is significantly above the 100 EMA, and as of this bar is also making a new high. This means money is flowing into #Ripple, not out of it.
We should see a test of the Monthly Pivot at 0.69372 again, which will most likely form Wave 1, unless were strong enough then we could extend to 0.73, the HA Monthly Pivot which would set us up nicely for 0.84 instead of 0.77. I do expect a solid reaction to the descending trend-line marked in red.
Watch 4H RSI. I have marked a set of trend-lines there, a move above would further confirm the completion of the correction wave, and a move below would be... bad.
I will follow up at 11am CST to see if that 4H Fisher holds.
=======================
As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
Comentário:
4H Fisher UP confirmed. Next target is descending trend-line in red, estimated at 0.77 at time at current rate of change.
