XRPUSD
made nice three-wave correction back to previous wave IV with (a) = (c) equal legs and hit exactly 1.60 level as we expected. This is actually perfect setup in Elliott Wave theory and exactly, what we are looking for trading opportunities. But we have to wait for confirmation, which is a break above channel resistance line and to be sure we need a break above 2.80 level, which would confirm that Ripple is back in bullish trend. If Ripple from any reason breaks lower beneath 1.60 level, then we may adjust the view.
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Ripple is still trading near support line and despite the fall we are still looking to bounce around this support zone, because pattern from 4th January looks corrective. Just keep in mind that we are not bullish yet! We are waiting for confirmations as said above. So, we need an impulsive leg up first, then we will looking for long opportunities.
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Nice bounce from support, but we are still waiting for confirmations. On a lower timeframe we want to see five waves up, which would confirm reversal.
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NEW! VIDEO ANALYSIS!
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Ripple is still trading above strong support, so we still think that Ripple may see higher levels from here, at least for three waves (a)-(b)-(c) up towards 2.5 level. But as said above, if Ripple breaks above 2.8 confirmation level, then we will probably be in a third impulsive wave up towards new all-time highs.
