XRP EW Update 10/05/2022 Double or Triple?


Good evening

I notice a lot of panic across the crypto boards so thought I would give you an update on what happened today. Plan was to accumulate, and we certainly had the opportunity today. The (c) wave of that double zigzag turned out to be uglier then expected and we did break the last year summer lows and that of course triggered some more selling. But the (c) wave counts nicely as follows :

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Today's decline probably completes the double zigzag Y.

The big question is now : has the decline completed or will there be an optional third zigzag in the downward direction (double becomes triple zigzag formation). Unfortunately I cannot answer this question, but we can start with monitoring the ongoing bounce, the strength & the structure of the bounce could inform us of what is next. One thing that I did not mention in my previous update is that the X-triangle has a measure moved to around 40 cents. So yeah, that target could come in play when we have an additional zigzag. If so there will be another opportunity to accumulate during the (c) leg of that zigzag.

Let me finish with a look at the big picture :

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Now that the double zigzag probably completed I have connected the "2" with the "4", a break of that trendline will be an early indication of an additional zigzag in the downward direction.

Is the break of last year summer lows a big deal? Count-wise it is no problem, after all these lows where part of an X wave in the form of a flat. But from a technical stand point this was a support level that did not hold, it may now act as a resistance.

So next task is to monitor the bounce and try to figure out if there will be additional downside. In my eyes this is not so important. Some additional downside will only be an opportunity to accumulate even more....   If we moon from here that is fine by me, it has been a long wait.

Anyways, I am pretty exhausted after an important day watching the charts 24/7, will probably enjoy the nice weather a bit tomorrow.

Chat soon.

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xennevdl
xennevdl

trader / crypto investor EW specialist, counting $ES_F & $XRP no financial advice, for educational purposes


XRP EW Price Prediction by Xenne van der linde
XRP EW Price Prediction by Xenne van der linde

EW specialist, many years experience in counting waves counting XRP since the end of 2019 no financial advice, for educational purposes

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