SUMMARY
The gloom and doom sentiment is quite palpable. It always is during corrections. However, in the grander schem of things, the below chart shows how the current correction can fit. If the prior rise was wave 1 rise, then the current correction is a wave 2 decline. Which wave come after wave 2? Wave 3 and it sure won't be lower than wave 1! The next impulse will take Ripple (XRP) to $15.44 or higher!!
I've added the match stix Fibs. Wave 3 is 3.618 x w1 and on a very bullish scenario, it could extend even more! When wave 3 is the extended wave, then waves 1 and 5 tend toward equality. However, this is not a rul, only a general guideline. There is a good probability of wave 5 extending much beyond wave 3's price travel length.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
