$XRP #Ripple - Bullish Divergences - Potential Bottom - LOI Dive
I apologize that I was not active during this dump, really bad timing as I have been at the Cisco Live conference.
In my last analysis I put a bunch of trendlines in place, a break of which would signal direction. As you can see from this chart, once the price broke down past that bottom trend-line it just nose dived.
There are two potential EW counts. The good news is that the first count has Wave 5 ending here, the bad news is that if the alternate count is true, were looking at 0.46-47 which is Monthly S1 as well as just above the lowest point this year at 0.459.
There are obvious Bullish Divergences right now which I have plotted in red. To be clear, the wave bottoms in price have been lower than the waves in both Fisher and RSI.
It goes without saying that 4H RSI is oversold.
There is worse scenario that is possible and I would be remiss if I didnt point it out here. Lets assume that that either one of these counts are correct. That would mean we would see a short ABC count, potentially up to ~0.60, but then a wave count that would make a new low below 0.45.
VERY IMPORTANT - LOI took a major nose dive over the last two 4H bars. Also, LOI 50 and 100 EMA are turning down and are about to cross down. Price failed to follow LOI, but I figure its important I point it out here.
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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.
If you truly appreciate my efforts here, consider visiting www.patreon.com/exsilium and letting me know.
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In my last analysis I put a bunch of trendlines in place, a break of which would signal direction. As you can see from this chart, once the price broke down past that bottom trend-line it just nose dived.
There are two potential EW counts. The good news is that the first count has Wave 5 ending here, the bad news is that if the alternate count is true, were looking at 0.46-47 which is Monthly S1 as well as just above the lowest point this year at 0.459.
There are obvious Bullish Divergences right now which I have plotted in red. To be clear, the wave bottoms in price have been lower than the waves in both Fisher and RSI.
It goes without saying that 4H RSI is oversold.
There is worse scenario that is possible and I would be remiss if I didnt point it out here. Lets assume that that either one of these counts are correct. That would mean we would see a short ABC count, potentially up to ~0.60, but then a wave count that would make a new low below 0.45.
VERY IMPORTANT - LOI took a major nose dive over the last two 4H bars. Also, LOI 50 and 100 EMA are turning down and are about to cross down. Price failed to follow LOI, but I figure its important I point it out here.
====================
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.
If you truly appreciate my efforts here, consider visiting www.patreon.com/exsilium and letting me know.
<a href="https://www.patreon.com/bePatron?u=11657227" data-patreon-widget-type="become-patron-button">Become a Patron!</a><script async src="https://c6.patreon.com/becomePatronButton.bundle.js"></script>
Comentarios:
The secondary wave count cannot be true because Wave 3 cannot be the shortest of the impulse waves. Either Wave 3 is going to extend farther, which is going to push Wave 5 below 0.45, or Wave 5 is over and were in a correction wave for the moment.
Comentarios:
I wont be able to post a chart tomorrow most likely. I will try to because I think were at a pivotal point, but I have to take an exam for the CCNP tomorrow bright and early, and then the last day of CiscoLive kicks off with a party at Universal Studios.
