Image Source: Pexels

Elliott Wave Analysis TradingLounge Daily Chart

XRP/ 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 II of Impulse

Wave Cancel invalid level:

Details: Wave II is likely to be completed and the price will likely rise in wave III.

XRP/ U.S. dollar(XRPUSD)Trading Strategy:
The correction in wave II seems to be over so we focus on the five-wave rally of wave III. The price action remains in an uptrend, and we are looking for a re-entry into the trend.

XRP/ U.S. dollar(XRPUSD)Technical Indicators:
The price is below the MA200 indicating a downtrend. The Wave Oscillator is a Bearish Momentum.

Elliott Wave Analysis TradingLounge 4hr Chart

XRP/ 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 II of Impulse

Wave Cancel invalid level:

Details: Wave II is likely to be completed and the price will likely rise in wave III.

XRP/ U.S. dollar(XRPUSD)Trading Strategy:
The correction in wave II seems to be over so we focus on the five-wave rally of wave III. The price action remains in an uptrend, and we are looking for a re-entry into the trend.

XRP/ U.S. dollar(XRPUSD)Technical Indicators:
The price is below the MA200 indicating a downtrend., The Wave Oscillator is a Bearish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Elliott Wave Technical Forecast : Origin Energy Limited
Elliott Wave Technical Analysis - Cocoa Commodity
Elliott Wave Technical Analysis: Caterpillar Inc. - Wednesday, Oct. 30