Looking at the bigger picture of XRP we have almost certainty finished our full Elliot wave
super cycle but the question is have we completed the correction? I am on the fence but after a local impulse wave failure at $1.22 I am leaning towards further correction. If this is the correct scenario we will see a final wave C down but I do not think we will get a lower low or a double bottom
due to the yellow trend line
. The intersection of the trend line
and the 0.786 fib should create a lot of support which is why I don't see a lower low likely especially if BTC
5.18% continues to uptrend. We also have the lower degree wave 1 top within pink support region further adding to it's strength. Taking these levels into consideration we should see a massive bounce off them to kick off our 2018 bull run which will be wave 3 in a grand super cycle and remember wave 3 is often the strongest and never the shortest (meaning this could be a bigger bull run than 2017).
Thoughts and comments are appreciated and be sure to like and follow if you want to follow this trade.
* This is not financial advice*