XRP EW Update 26/04/2022 Trying To Count Upward (4)


It has been awhile since my last post on this blog.  At that point I thought the X correction completed as a triangle and expected us to go higher. But I quickly noticed things weren't going as planned and posted a warning on twitter we were probably working on a bigger triangle with waves c,d & e still to come. 

Today I can say there is probably no triangle after all.

From the February high we have 3 waves down, it was followed by a double zigzag ; another 3 waves structure that retraced more then 90% - potential FLAT alarm! Of course these set of 3 waves can also be collection of zigzags or triangle waves.

Why did I miss the potential of a flat wave? probably because I was so focused on that "triangle" idea. I also had some problems counting the decline from the March high, but it may work as a 5 waves impulse to the downside, and that is how a flat ends.

So let me visualize this idea :

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The fives waves down from the March high are really hard to figure out, the triangle in the 4th wave position did help. As you can see the C wave of the flat failed to travel below the A wave, and that makes it a running flat. I guess you can count this correction also as a WXY, but that does not change much. Or is it a triangle after all? In that case the recent low was the (c) wave, with (d)&(e) still to come.  But that is an alternate idea at this point, I do think there is a better chance the "X" correction completed already.

Let me finish this post with a look at the big picture :

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The big picture remains what it was, and it is interesting to see where today's low ended. 

The alternate remains that the whole structure is an expanding diagonal and currently in wave v, in case of this scenario we know that since wave v has to stay shorter then iii , that wave v should have completed on May 11th.  That is not much time left for this scenario to play out.

Hopefully we see some more upward price action in the next couple of days.

That's all for now! 

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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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