Good morning

It was a week with good news for Ripple Labs & crypto in general, but on Friday the crypto markets tanked together with the stock markets because of a bad CPI nummer. I personally don't understand why inflation is bad for crypto, in fact it is one of the reasons why I invested in crypto, but so far this hedge is not working. 

Anyways, I did expect some selling on Friday but we took out the Tuesday low, this invalidated the potential triangle for wave Y. However we didn't go below the May 27th lows yet, so a triangle for Y remains possible just a bigger triangle with a very complex "c" wave :

So triangle for Y remains possible, it would be unfinished as we still need to print a wave (d) & (e), we have to see if these waves form properly, so we are back in the waiting room. A drop below (a) would invalidate this idea forever.

I will try to come with an alternate idea, but I have to study the charts, this sideways mess is certainly confusing and the triangle above is the best solution I can present right now.

Someone asked me how likely is it that you'll have 2 triangles in a row. That's actually a good remark. While the triangles are not in same position, the first would be an X triangle and the second an Y triangle. It bothers me a bit as well, but I am actually not sure the first triangle is correct, it looks a bit strange with very short (c) & (d) wave...  This problem can be solved by letting the X wave end sooner and with a bigger (a) wave for the Y triangle.  This view does not change the picture though.    

Have a good weekend.