Image by WorldSpectrum from PixabayElliott Wave Analysis TradingLounge Daily ChartXRP/ U.S. dollar(XRPUSD)XRPUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: Flatposition: Wave ((B))Direction Next higher Degrees: wave IVWave Cancel invalid level:
XRP/ U.S. dollar(XRPUSD)Trading Strategy:XRPUSD is in a wave II structure, which is a corrective wave. After the end of wave I, wave II is expected to form a corrective ABC structure. Currently, the price is in the sub-wave b of this structure. After the end of wave b, the price is expected to correct down to the end of wave c of wave II.Trading strategies* Buy Strategy (Long Position): * Wait for the price to adjust down to the support zone of 1.8936 – 1.5370 and look for an opportunity to open a buy position.* Risk Management: * Set Stop Loss below 1.5000 level.
Elliott Wave Analysis TradingLounge 4hr ChartXRP/ U.S. dollar(XRPUSD)XRPUSD Elliott Wave Technical AnalysisFunction: Follow TrendMode: MotiveStructure: Impulseposition: Wave ((3))Direction Next higher Degrees: wave aWave Cancel invalid level:Details: The current structure of XRPUSD shows a downward correction in Corrective Wave (a), which still has a chance to move down further.
XRP/ U.S. dollar(XRPUSD)Trading Strategy:XRPUSD is in a wave II structure, which is a corrective wave. After the end of wave I, wave II is expected to form a corrective ABC structure. Currently, the price is in the sub-wave b of this structure. After the end of wave b, the price is expected to correct down to the end of wave c of wave II.Trading strategies* Buy Strategy (Long Position): * Wait for the price to adjust down to the support zone of 1.8936 – 1.5370 and look for an opportunity to open a buy position.* Risk Management: * Set Stop Loss below the 1.5000 level.
Technical Analyst: Kittiampon SomboonsodSource: Tradinglounge.comMore By This Author:Elliott Wave Technical Forecast: Aristocrat Leisure Limited
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