Looking at XRP on the 4-hour chart, the price is trading impulsively lower within subwave (C) of wave Y, suggesting there is still room for further downside before a complete five-wave structure to the downside can be confirmed.
Following the recent abc corrective recovery, the broader structure continues to favor a bearish outlook. However, due to the current sideways price action, the market may be forming a bearish abcde triangle pattern within wave 4. This type of consolidation typically precedes a final push lower.
If this scenario plays out, wave 5 could trigger another leg down, potentially driving the price toward the strong $1.00 support level, which stands out as a key psychological and technical area to watch.
As long as price action remains below key resistance levels and the wave structure stays intact, the short-term bias continues to favor downside continuation.
Following the recent abc corrective recovery, the broader structure continues to favor a bearish outlook. However, due to the current sideways price action, the market may be forming a bearish abcde triangle pattern within wave 4. This type of consolidation typically precedes a final push lower.
If this scenario plays out, wave 5 could trigger another leg down, potentially driving the price toward the strong $1.00 support level, which stands out as a key psychological and technical area to watch.
As long as price action remains below key resistance levels and the wave structure stays intact, the short-term bias continues to favor downside continuation.
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Join the community for one week, full access. Its free >> @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves Sale-65%
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Learn Elliott Waves Sale-65%
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.