Elliott Wave Technical Analysis: Ripple, Tuesday, May 17

Elliott Wave Analysis TradingLounge Daily Chart, May 17

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Ripple /U.S.Dollar (XRP-X)

XRPUSD Elliott Wave Technical Analysis 

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave (Y)

Direction Next higher Degrees: Wave ((2)) of Motive

Wave Cancel invalid level: 0.35154

Details: Wave reversal (2) has a probability of .786 x length Wave (1).

Ripple /U.S.Dollar (XRPUSD) Trading Strategy: There is still a risk of a correction of wave (2) as the price structure of wave (2) is still incomplete. But even then, be careful, a rise above 0.45953 may signal the start of a new trend.

Ripple /U.S.Dollar (XRPUSD) Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, May 17

Ripple /U.S.Dollar (XRPUSD)

XRPUSD Elliott Wave Technical Analysis 

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave (Y)

Direction Next higher Degrees: Wave ((2)) of Motive

Wave Cancel invalid level: 0.35154

Details: Wave reversal (2) has a probability of .786 x length Wave (1).

Ripple /U.S.Dollar (XRPUSD) Trading Strategy: There is still a risk of a correction of wave (2) as the price structure of wave (2) is still incomplete. But even then, be careful, a rise above 0.45953 may signal the start of a new trend.

Ripple /U.S.Dollar (XRPUSD) Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bullish momentum.

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