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Ripple Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

XRP/USD – Elliott Wave technical analysis

Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Direction next higher degrees: —
Wave cancel invalid level: —

XRP/USD trading strategy

After an extended corrective phase, XRP appears to have completed wave (II) and is now entering wave (III), typically the strongest and most dynamic segment of the five-wave Elliott structure. Wave (I) ended at 3.3934. The corrective wave (II) formed a Double Zigzag (WXY) and bottomed at 1.7260. Current price action suggests the development of sub-waves 1 and 2 within the advancing wave (III). Key retracement levels for wave 2 are:

50% = 1.9172
61.8% = 1.8458

Trading strategies:

Strategy

For swing traders (short-term): Wait for the reversal of wave 2 to initiate entry into wave 3.

Risk management

Structural cancellation point (W.C. Invalid) is identified below 1.60.

XRP/USD – Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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