XRPUSD in Hindsight: Full Bull

Falling wedge has completed and has likely confirmed. I’ve associated both a WXY correction pattern and a Wyckoff Distribution phase to the wedge. The WXY comprises three ABC patterns. The Distribution starts at W and ends at Y.

The dotted vertical lines act as WXY and ABC markers. The horizontal dotted lines correspond to key points in a Distribution phase pattern. Also, the price difference from peak to W is about 1.618x the difference from X to Y. That is, X to Y ~= .618(Start to W).

Lastly, XRPUSD has probably completed some degree wave 1 of a new bull market with a WXY correction.

Komen:

Here’s a look at possibly waves 1 and 2 of a new bull market. By the way, this wave has formed a leading diagonal. Left-side fib levels are based on wave’s start ($.14108) and lesser degree wave 1 ($.16506). Right-side fib levels are based on wave’s start and lesser degree wave 5 ($.22686).

Based on the wave’s current retracement, if price doesn’t hold above $.18922 then price will likely further retrace to at least $.169 and possibly as low as $.149.

Komen:

Also, if it’s not clear, the wave starts on 16 March, which is the same date and price as indicated in this idea’s primary chart.

Komen:

These patterns should reassure us that XRPUSD will continue an upwards trend.

Depicted: price confirmation of break above downwards channel and completion of a Distribution phase that began at recent price peak. The dotted line rays align with typical distribution pattern.

Komen:

I made a possible correction to the chart of Waves 1 and 2 that I shared in the second update to this idea. I have published it as a separate idea, see below. A bullish takeaway, Wave 2 pulled back to and then bounced at .618 level of Wave 1.

Komen:

Lastly, there’s this possibility with a further extended subwave 5 that still follows ABC leading diagonal rules. To the technically astute EW traders, might be more accurate to still label the correction as WXY.

Komen:

Update