Hello again
While I already pointed out a few scenarios, I want to add one more, it's exactly the same count as in my previous update, but with the difference that the triple zigzag from the low is the wave 1 of a diagonal, and the sell off that followed becomes then wave 2 of that diagonal. In this scenario however the June low must hold and would become an important bottom. This scenario however does not fit in the big picture count that I have presented to you, because the fifth wave would have taken too much time already. And the most logical update is that all the price action March 20 to April 21 is a 1st wave (as an expanding diagonal), followed by a correction for a 2nd wave - this count remains an alternate though.
Anyways, today we will take a look at the recent price action. It appears that from the October high we have a zigzag down, it is not exactly clear how that zigzag fits in the big picture, but it is interesting that we broke that low yesterday evening :
So since the completion of the zigzag it appears we have a three wave sequence up, and then a 3 wave sequence down that retraced over 90% - this means that the current bounce can be a flat wave. The current strength would be the c wave impulse to end the flat. And that flat can be an "X", so it means we could turn down some more after completion of this structure. This looks the most likely scenario for me at this point. The 31-32 cents range is a strong support, if it breaks we could see a fast 20% or so crash into the twenties. Not necessary a bad thing as this could be the final zigzag in the sequence and a hopefully a last opportunity to accumulate some more XRP.
With the potential flat after the zigzag I have become a bit more bearish short term and my primary count is now back to this :
Working on the completion of wave 4 and pretty close to the end, but we need at least one more zigzag in downward direction after the current bounce.
Another funny thing I noticed is that that when you add 589 days to the high in April 2021 it points to November 24th.
Mark your calendar.
Take care,
