Gday

It has been awhile since my last post, had some problems with my health and now we have extreme heat (over 40°C expected early next week) :

Meanwhile the XRP price action was difficult to figure out, I had the idea of a bigger "X" wave, but that is probably not the case. I did not have a lot of conviction in any count, so that's why I kept quite for awhile, I did see the potential of an upward diagonal, but that count obviously failed. Anyways, a higher degree X would have given us a higher bounce to 60-ish, but turn then back down to a lower low. The good news is that the low might come sooner, then well later.  

I actually said it a few updates ago, the final zigzag in a set of zigzags is often a single zigzag, and that may be the case here. So this is a new idea, it's a diagonal, but in the downward direction :

Remember the triangle for Y that concluded the green X wave? Well we have never been able to break above that high. From that high we printed potentially 5 waves down for a of Z, the b of Z printed a low lower, but this was a corrective low. Since this b wave high we appear to go down in zigzag style, so a potential I see here is that c of Z could be an diagonal, and probably a contracting ending diagonal and currently in wave iii. When that wave concludes we should see a wave that overlaps (i), and then a final wave lower (that wave can actually truncate). I like diagonals because it will be obvious when this idea fails, but if it plays out it could be a good indication for an important low for the XRP price in the near future. Even when the diagonal forms correctly in every aspect, it will have to be confirmed as an "ending" diagonal and not a "leading" diagonal.  A leading diagonal at this location would be problematic. But if it is an ending diagonal it should be retraced fully in less time then it took to form and could be the start of an upward count.

Let me end with a look at the big picture :

It appears that the bounce from the 0:2 trendline goes nowhere, and I always stated that while the trendline is a support, it is not a problem that it gets broken, and my expectation is that we will print lower lows in the near future. Hopefully an important low.

Will check back as soon as I have something important to say about this idea.

Thanks & take care!