Good morning
Today I start with the big picture, because it is so perfect... We now have overthrow over the diagonal trendline, that is exactly what I predicted more then a month ago :
I will never tell you what to do, I only post for educational purposes after all, but I actually took this trade with a leveraged position myself. I don't do that often but this one certainly worked very well :
The position is still open as of now because I think xrp can push a little bit higher, but for that I must show the recent price action.
In my last update I wrote we can only push higher if the fifth wave is a diagonal. That was incorrect, and because wave 1 was a diagonal a fifth wave diagonal was actually extremely unlikely because we need alternation. I never seen an impulse that starts with a diagonal (leading) and ends with an ending diagonal. So that was not a good idea.
However it was certainly possible that the initial 5 waves up was only a smaller degree first wave. And that is the current idea. The correction (a double zigzag) was wave II. A bit uncertain if III has finished as of now, but if so we are currently in the fourth wave, and maybe this wave makes a new high - but then we should conclude wave i of c in a fifth wave - remember it cannot push to high for degree reasons.
When we see that last push I will close my leveraged position, this is not trading advice. But I think after that push I expect we see a longer correction in price and probably also in time, keep in mind that this diagonal took 750 days to play out. A few weeks of correction should certainly make sense, but we are dealing with crypto so it could be less in time.
December might not be so bullish as a lot of people seem to think and now might be a bad time to enter the market. Well it is never a good idea to buy when everything is green, only buy red candles.
Maybe I am completely wrong though and we melt up from here, I would not complain, but that would mean that diagonal concluded at 1,6 and the correction that followed it was all of wave 2 - hard to believe for me.
Sincerely Yours,
