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XRPUSD (Ripple) short tf (4hr) analysis: Bullish bias

BITFINEX:XRPUSD   瑞波币/美元
The downtrend in Ripple (XRP) that started on Jan. 4 2017 at a price high of $3.31 to $0.59 on Feb 6 2017 can be described as a 3 wave (WXY) Elliott wave pattern. This implies that a move back up from the end of wave x (in red color) will either be a 3 wave move back up or the start of an impulsive move (pointing to an uptrend).

Either way, both scenarios argue for a bullish bias for Ripple (XRP). The green arrows between a and b (both labelled in blue) on the chart show a 3 wave corrective move against the uptrend which started from $0.59.........this also argues for the fact that prices should move up higher in Ripple as a correction implies that the main trend (in this case, uptrend) is not yet complete.

Target area 1 (between $1.71 and $1.77) and Target area 2 (between $2.07 and $2.20) are the likely points I have indicated for termination of the bullish move.

The red line on the chart shows my IDEAL price entry point at ~$1.06.
POI = Point at which I would consider the trade invalid = Price close below $0.88.

If price fails to move to move back down to $1.06, I would look to get into the trade if price breaks out above $1.23.

Entry above $1.23 would make my POI = $1.06 (i.e. risk on the trade would then be $1.23 - $1.06 = $0.17) and I will look for price to exit my trade at Target 2 to give me a risk to reward ratio of ~5:1

If price quickly deeps to the $1.06, then $0.88 will be used as my POI and either target 1 or target 2 will sufficiently produce a risk/reward ratio of > 3:1 with target 2 being more profitable than target 1.
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