XRP Perfect Elliot Triangle Wave

28 giu 2019

After my previous two analysis and a lot of back looking it becomes clear that the breakout from the symmetrical triangle was a bull trap, it caught many people off-guard including me. Nonetheless, I've corrected my assumption and we are in an ascending triangle, which is completing a perfect Elliot triangle wave. The 1-hour chart is forming another bear flag, from my viewpoint, there is only one option, a bear trap. The likelihood of it falling further than .375 cents is extremely low as we've built long-time support here for the last few weeks, as such a bear trap is likely cause it would liquidate many of the shorts into buys creating a lot of buying power and renewed bull strength. If this occurs we need to see an influx of volume otherwise this in return could make a bart move ( this pattern acutally exists) and a subsequent bull trap.

29 giu 2019

Nota

So far everything is going like planned, we didn't make an extensive drop and the fib level held, we need to see if we get a follow-up or if this will be support for the coming days.