XRP and many other cryptocurrencies hit the 78% retracement and bounced back. What does that mean?

First, it means that the sentiment is quite uniform in most alcoins.

And second, the 78% retracement is one of the two standard wave 2 targets. So it is very likely that the coins which stopped exactly or very close to the 78% retracement are uniformly done with a big wave 2.

This is huge, because after wave 2, notoriously there is going to be wave 3.

Although this still needs confirmation, this could also mean that the final low of BTC is already in. I found two ways to count it like 5 waves down of wave C are done. As haejin pointed out, the form and fit would be bad, but who cares? Altcoins are already screaming green.

If BTC does not look bearish tomorrow, I will invest all the funds I saved for this occasion. That might be a little late, but I am better late than sorry.

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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
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