Post of Feb 10:
"Hi guys, this one is a crucial one! I really recommend you read this post until the end. Because…you will learn a hell of a bunch on technical analysis! In my opinion that’s what we’re here for, & I want all of you – including myself – to become better traders & investors.
Let’s get the party started ;-) -->
In our initial post of Jan 22, we called the last correction leg (leg “C”) in our analysis. We slightly adjusted our target on Jan 30, & today we can see the perfect confirmation: a new impulse wave has started upward, ending leg C, beginning a new wave 1.
So in short: we ended the “correction" wave as we predicted and are now in wave 1 of a “impulse" wave.(Feb 10 on the graph above)
The conclusion of our post on Jan 22 was simple:
--> "It is best to sit back some more while leg C is developing, & jump back into XRP when indicators such as & the start of a new first wave leg confirm a reversal."
In our post of Jan 30, I stated in the title "(!) XRP almost at crucial reversal (>+100% potential)"
--> ... and we weren’t lying!
NOW --> Just have a look at our latest graph here above and you’ll see both the ending of leg C ànd a confirmation in the MACD by a “golden cross” (blue line crossing red line with blue coming on top, and this just below zero) on the daily!
Let’s recap what we have been seeing right up until now:
1. Jan 22
Applying Theory ("EWT") to the Ripple (XRP) graph clearly shows us that a C-correction leg is forming, after which a new upward impulse wave can start. You can find the full explanation (incl. ElliotWT) in detail by clicking on the chart:
--> You can also clearly see the movement of the five subwaves in the upward impulse wave, followed by that correction.
2. Jan 30 - "(!) XRP almost at crucial reversal (>+100% potential)" (post was hidden due to external links)
--> Closing in on the end of leg C & a confirmation in to confirm! (imagine graph below but without wave "5" in leg C)
3. NOW / TODAY (Feb 10)
—> The bullish cross in the can’t be more obvious!
—> The downward trend channel is broken! This is the channel that connects the top in (5) on Jan 4 with the end of leg C on Feb 9.
—> We are on the bottom of the bands, meaning there is most likely only one other way to go: up! ( Boll. bands = the green "swingery" bands with a red line in the middle)
—> We see the bullish trending upward
4. What’s next:
—> We’ll see more upward movement soon, but remember that also the upward impulse wave has its “red” correction legs.
—> We see the closing of the last candle here is at the 50% Fibonacci line. This one we will have to overcome before we can push through to the next target on the Fibonacci 38,2% (on the daily)."
all the best