Elliott wave analysis of Ripple for May 5, 2021

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Elliott wave analysis of Ripple for May 5, 2021

Elliott wave analysis of Ripple for May 5, 2021

Elliott wave analysis of Ripple for May 5, 2021

We currently see two possible scenarios for Ripple. The first option shows Ripple being in a correction from the 1.9670 peak. We have seen wave A down to 1.1290 and wave B just completed at 1.6674 and wave C is now in motion for a decline close to 0.8294 to complete wave 4 and set the stage for a new impulsive rally in wave 5 higher to 3.3170.

The second option shows that wave 4 completed with the test of 0.9150 and wave 5 higher to 3.3170 already is in motion. Under this count we have see wave 1/ complete at the 1.6674 peak and wave 2/ is now in motion for a decline to 1.2024 and maybe even closer to 1.0760 before the next rally higher.

No matter which of the two scenarios that proves correct the ultimate final outcome will be the same a final rally to above the peak of wave 3 at 1.9670.

Trading recommendation:

Buy 50% of the normal position near 1.2024 and the final 50% near 0.8295 if seen or upon a break above 1.9670 for the next impulsive rally above 1.9670.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/219817/