RIPPLE to Wave towards $15.44 or Higher!!
The gloom and doom sentiment is quite palpable. It always is during corrections. However, in the grander schem of things, the below chart shows how the current correction can fit. If the prior rise was wave 1 rise, then the current correction is a wave 2 decline. Which wave come after wave 2? Wave 3 and it sure won't be lower than wave 1! The next impulse will take Ripple (XRP) to $15.44 or higher!!
I've added the match stix Fibs. Wave 3 is 3.618 x w1 and on a very bullish scenario, it could extend even more! When wave 3 is the extended wave, then waves 1 and 5 tend toward equality. However, this is not a rul, only a general guideline. There is a good probability of wave 5 extending much beyond wave 3's price travel length.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
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Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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