Am I missing something? XRPEUR textbook bullflag?
Hello,
A lot of people on here call for lower prices for the XRPEUR pair. In my opinion, however, XRPEUR builds a textbook bullflag. Actually, within that bullflag, price already touched the 0.382 Fibonacci level, which is thought to be the normal (maximum) retracement of the second wave of a new Elliot waves Cicle.
Once XRPEUR breaks the triangle upwards, price targets are the 1.618 and the 2.618 Fibonacci levels. Because the flagpole's size was a surge in price of about 150%, I would assume that XRPEUR would attempt to reach the 2.618 level.
Certainly, if the triangle breaks downwards, price may visit the 0.382 Fibonacci level again.
What is your opinion? Am I missing something crucial in my analysis?
* Note that I am using the Log-scale.
--- DISCLAIMER ---
This information is NOT a trading, investing, buy, or sell advice.
This information is a personal opinion and to be used for educational purposes only.
A lot of people on here call for lower prices for the XRPEUR pair. In my opinion, however, XRPEUR builds a textbook bullflag. Actually, within that bullflag, price already touched the 0.382 Fibonacci level, which is thought to be the normal (maximum) retracement of the second wave of a new Elliot waves Cicle.
Once XRPEUR breaks the triangle upwards, price targets are the 1.618 and the 2.618 Fibonacci levels. Because the flagpole's size was a surge in price of about 150%, I would assume that XRPEUR would attempt to reach the 2.618 level.
Certainly, if the triangle breaks downwards, price may visit the 0.382 Fibonacci level again.
What is your opinion? Am I missing something crucial in my analysis?
* Note that I am using the Log-scale.
--- DISCLAIMER ---
This information is NOT a trading, investing, buy, or sell advice.
This information is a personal opinion and to be used for educational purposes only.
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