If you saw my last chart, and you took that trade, good job!! We made 9% profit on that trade. Playing the breakout of the triangle was a great Risk:Reward setup. and we hit my target PERFECTLY before coming in for a retracement.
I had to change up my count a little bit. It seems that the ABCDE we broke out was a correction, but it was actually the Wave 4 Correction of wave 5, and now we are in our major Wave correction and still on target to correct to between the 0.5 and 0.618 Fibonacci Ranges. We already bounced off of the 0.382 Fibb for our Wave A, and then corrected up for B and continuing down for Wave C to complete our Major Wave 2.
So I was right so far in that Ripple had to correct more, what I was wrong in was that it hadn't quite been time to correct yet.
Target For Bottom of C/2 between $0.635 and $0.71
If you would like to see how this plays out here is the link to my idea on TradingView
https://www.tradingview.com/chart/XRPUSD/7fItl7a0-Ripple-Coming-in-for-a-Landing/
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management!
Feel free comment any questions or chart requests you may have below. Happy trading!
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