Ripple Hit the 5th Wave Extension... So What Happens Next?
On my last chart I gave some conservative targets for Ripple to hit on its 5 wave, annnndddd it exceeded ALL expectations. I placed a conservative target of a 1-1 Fibonacci Extension for our Wave 3, we hit 1.618, and I put a conservative 1.618 for Wave 5, and we hit the 2.618.
So as far as I can see, we have finally finished our 5 Waves up on the main structure, and so now we ought to have our ABC correction. I have placed the target for ABC at the 0.5 Fibonacci Retracement level because the most likely retracement zone is between the 0.382 and 0.618 Fibb levels. however, according to the Elliot Wave Guidline, the ABC correction often lands within the zone of the wave 4 from the previous wave structure. Which places us at the 0.618 Fibb and the Golden Pocket Retracement Zone.
Now it is possible that we continue going up, however I see that as very unlikely based on the Fibonacci targets that we have already hit. Those targets verify to me that our Impulse Wave Structure is complete and that it is time for a retracement.
The target zone for the bottom of Wave C will more than likely between $0.75 and $0.62, and my bias places it near the lower end of that spectrum.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please like and comment any questions you may have below. Happy trading!
So as far as I can see, we have finally finished our 5 Waves up on the main structure, and so now we ought to have our ABC correction. I have placed the target for ABC at the 0.5 Fibonacci Retracement level because the most likely retracement zone is between the 0.382 and 0.618 Fibb levels. however, according to the Elliot Wave Guidline, the ABC correction often lands within the zone of the wave 4 from the previous wave structure. Which places us at the 0.618 Fibb and the Golden Pocket Retracement Zone.
Now it is possible that we continue going up, however I see that as very unlikely based on the Fibonacci targets that we have already hit. Those targets verify to me that our Impulse Wave Structure is complete and that it is time for a retracement.
The target zone for the bottom of Wave C will more than likely between $0.75 and $0.62, and my bias places it near the lower end of that spectrum.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please like and comment any questions you may have below. Happy trading!
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