Hello
An expanding diagonal has been the idea for awhile, but October did not bring the expected upside and I think this idea is now dead, unless we get a new overlap of the November 2020 high, I don't expect this, but it could reactive the idea....
Anyways, let us take a look at the recent price action... we are 12 days after day 589 and the price has not made much progress. I can see potential but there is still some work to do. Like I said in my previous post, IF the triangle for "X" is correct it is a new start and we are not in a hurry, there is time to build a healthy base :
There is a small change in the count, the (e) wave of the triangle is no longer a triangle but a truncated zigzag, from there we can count an abc up, potential leg 1 of a diagonal. The rest of the diagonal respected all the rules in regards to time & price. The only unknown factor is that we don't know if the diagonal is leading or ending. If it is an ending diagonal it should be retraced in less time then it took to form, such a scenario could fit in a bigger triangle for X, this remains possible because we did not take out the September high yet. If the diagonal is leading it is probably leg 1 of A and the retrace could be complete at this point, if this is the case we should see more upside in the next couple of days. So it is very important to monitor the price action in the next couple of days, we should find out if the diagonal is leading or ending and that will inform us if the X correction is done or not.
The big picture shows zigzags, it does not mean the price cannot rise, but is not an impulsive rise, this probably means we are in a "bubble" and that price will collapse at some point. It appears though we have different degrees of zigzags on our chart. The bubble started with a triple zigzag for "W", this zigzag appears to have a lower degree then our current WXY for "X". This could mean that all the price action from March 2020 to the April 2021 high is "W" and the WXY correction that ended on day 589 is the "X" of the same degree, this gives this bubble a lot more bullish potential, we are very early in this bubble ride for XRP.
Like I said above, it remains possible that the "X" triangle is still in progress, we should find that out in the next couple of days.
I did try to count it as an impulse it simply does not work, I see a lot of kids out there doing so but these counts make no sense what so ever, EW is more then putting 12345 on a chart...
Enjoy the bubble, ride it & don't fight it, just make sure you are out before it burst.
Take care
