Elliott Wave Analysis TradingLounge Daily Chart, 19 December 23,
Ripple/U.S. dollar(XRPUSD)
XRPUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Triangle
Position: Wave ((E))
Direction Next higher Degrees: wave 4 of Impulse
Wave Cancel invalid level:
Details: The movement within a triangle pattern
Ripple/U.S. dollar(XRPUSD) Trading Strategy: Overall, XRP is still in the correction phase of the triangle pattern. Prices continue to trend down in wave (C) with important support around the 0.400 area.
Ripple/U.S. dollar(XRPUSD) Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum.
TradingLounge Analyst: Kittiampon Somboonsod, CEWA
Source: Tradinglounge.com get trial here!
Elliott Wave Analysis TradingLounge 4H Chart, 19 December 23,
Ripple / U.S. dollar(XRPUSD)
XRPUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Direction Next higher Degrees: wave (Z) of triple Corrective
Wave Cancel invalid level: 0.52954
Details: the five-wave decline in Wave c
Ripple / U.S. dollar(XRPUSD)Trading Strategy: We are still looking for a five-wave decline of Wave C. We now have a completed Wave 1 at 0.57400 and a Wave 2 retracement at 0.700, so price is entering a wave 3 trending move. At the level of 161.8% of wave 1(0.42), the overall picture is still in a downtrend.
Ripple / U.S. dollar(XRPUSD)Technical Indicators: The price is below the MA200 indicating a down trend, Wave Oscillators a Bearish Momentum.
