XRPUSD Elliott Wave Technical Analysis May 17 2023
4Hour
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
Daily
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 above the MA200 indicating an Uptrend MACD and RSI are Bearish momentum
