Wave 1 is a leading diagonal with subwave 3 reaching less than 1.618x subwave 1. Subwave 5 approximately equals sum of subwaves 1 and 2. Use left-side fibs for subwave lengths that are based on 16 March start price $.14108 and subwave 1 price.
Wave 2 is a WXY correction ending at about .618 of Wave 1. Use right-side fibs that are based on start price and subwave 5 price $.20245.
Wave 2 is a WXY correction ending at about .618 of Wave 1. Use right-side fibs that are based on start price and subwave 5 price $.20245.
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To be thorough, here is another plausible count based on an even further extended subwave 5 followed by a more traditional ABC corrective Wave 2.
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To be honest, I just like making charts :p
Commento:
I shared this chart in comments section and will post here for convenience to everyone. The dotted lines represent buying targets only if reached after a bounce at a higher price. For example, if price bounces at the bottom of the pink channel.
Based on the two depicted descending channels, xrpusd has a high probability to reach at least $.37 to touch top of pink channel upon breakout of white channel. It could then retrace to about $.33 to confirm the white channel breakout or directly continue to breakout of pink channel.
Also, $.37 approx aligns to a wave 3 target of 2.618x wave 1.
Based on the two depicted descending channels, xrpusd has a high probability to reach at least $.37 to touch top of pink channel upon breakout of white channel. It could then retrace to about $.33 to confirm the white channel breakout or directly continue to breakout of pink channel.
Also, $.37 approx aligns to a wave 3 target of 2.618x wave 1.
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Update
