This ABC correction has been difficult to plot, let alone analyze.
There has been a lot of call for a Wave C (also Wave 2 of higher degree) to retrace to the 0.50 fib of the last series, which is normal for Wave 2. I saw 0.77 as a pretty big line in the sand so disagreed and instead expected a Flat ABC Correction wave. It appears that were going to end up with goofy Wave C as XRP has broken above the trendline from Wave 5 to Wave B. Because of the irregularity of it all, I hesitate to call the end of Wave C until we make a new high above Wave 5 as this in theory could be a XYZ situation (3-3-3-3-3-3) building.
As always, follow me here and on Twitter @ExsiliumI for updated analysis, relevant news and near real-time PA updates.
Corrective waves are notoriously difficult to plot in real time, but taking a step back... the fact that the pattern is difficult to plot is one of the hallmarks of it being a correction against the primary trend! This, in and of itself is important evidence. The trend has shifted to the upside.
Exsilium
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@protechtor, the Real Time part of that is what is so difficult. There are supposed to be 21 types of corrective waves.. 21... so yeah. That said, I do agree with you that ABC is complete.
Omhhh
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What are your thoughts. i have been expecting the ABC, now i am unsure if this is an extended wave b? when will it no longer be an abc?
Exsilium
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@OmarHalawi, I poke above Wave 5, the last high, should confirm ABC is over. I personally think we have seen the end of the corrective wave. See above for addendum to idea.
Omhhh
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@Exsilium, How have you positioned yourself in the market, are you waiting for confirmation that the corrective phase is finalised or are you in already??
Exsilium
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@OmarHalawi, Im in already. Got in at 0.77, the HA Monthly Pivot Point.
Omhhh
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@Exsilium, dang, i had a position at 0.78 and i closed it expecting the deeper correction
Exsilium
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@OmarHalawi, Ive if it would have gone deeper, 0.7 would have been about it imho. I would have just hung onto the position and suffered the drawdown.
Exsilium
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@OmarHalawi, I have actually ben in and out a few times since the .50 level.
Oddly Ive done worse than buy-and-hold, every trade Ive lost a few pennies. This one I seemed to have caught right.
Omhhh
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@Exsilium, It has been a weird rollercoaster this year, can't quite work out which way it is going!