I think we are only half way through this correction that started Dec 2017. This should be the final leg down for a 2nd wave. This also follows my Expanded Flat in BTC. SNX also looks as if it has about completed 5 waves up for a 1st. This is not the time to be long. There will be VERY good buying opportunities in the future.
Sentiment is at an EXTREME level....BTCSHORTS are at an EXTREME low level, also indicating a significant top.
Komentarz
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Even a print above the previous high ($0.83), I would still call that a more complex B.
Komentarz
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I know this is about XRP…BUT…If you look at the ~13th March (BTC), and that DEEP correction, which warned/indicated to me that that level will most likely be broken in the future. I was thinking a 1/2 1/2, until that. After that correction, I started looking for a high B wave. Anything is possible, but with this EXTREME positive sentiment, I doubt there is much/any more upside left.
Komentarz
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I think XRP is on the way to putting in 5 down: Daily chart: ibb.co/vZC2svq
Komentarz
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5 down for a first wave, could be complete. It could also only be wave 3 of the first. Something like this: ibb.co/c6Gwnzz
Komentarz
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First down and A of A-B-C up... $0.84 negates all BTC REALLY extreme...more so than Dec 2017....20K top.
Komentarz
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XRP could be in the final stages of this small wave (2), ready for a massive third down: ibb.co/yY1nHZH
Game ain't over yet. This is still a valid Elliot wave structure as long as the wave 4 daily candle closes above the wave 1 candle. Wicks can intersect. This thing as been duplicating the 2015-2017 graph up to this point. SEC news put a poison pill in the graph.
trader_jackson
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@gz1968, But all of the extreme sentiment tells me a significant top is near. Both three up and that, I'm definitely not long and am looking for reliable short positions.
alternative.me/crypto/fear-and-greed-index/ and BTCUSDSHORTS at all-time low.
trader_jackson
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@gz1968, Have a quick look at BTC here:
Everything is screaming a top. I remember going through this in Dec 2017. We are there again.
trader_jackson
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@averkieskila, So you are super bullish?
averkie_skila
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@trader_jackson, No. I don't go to extremes. There will be a technical bounce now, and then most likely sideways.
trader_jackson
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@averkieskila, If you call the single-digit-cents red box (50%-61.8% Fib levels) the bounce level...then I agree. The move up to the last top is CLEARLY 3 waves on the weekly chart (3-3-5), meaning 5 down to those levels. See you at the bottom...it will take time...this is the weekly chart.
trader_jackson
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@averkieskila, BTW, you may not go to extremes, but cryptos do. They trade on an exponential/log scale.
Legenden17
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LOL!
trader_jackson
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@Legenden17, I take it you're still looking for a dollar?