How weird that it may sound, this is a actually a bullish scenario. (it it holds). Testing prior structure/break-out will confirm to bulls the top is in.
The people who bought the top might not stick around for the Spark token on December 12. If you paid 0.60 , 0.70 , 0.80 for XRP and you see it drop below 0.50 , 0.40 you might panic sell since people don't know how much the spark token will be worth.
So while everyone is bullish at this moment, I see a move down to around $0.35. And while doing that, why not test the break-out around the golden zone 0.618 / 0.65 over the complete structure.
코멘트
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That said, if this plays out we're going to start wave 3 of the larger degree. You can bet your *** people are buying into that.
Your Elliot wave is invalid...4 can’t go below 1..it’s invalid...however we could be seeing that ABC correction from the recent high
The_Chart_Master
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@GoldAddict, well, it could be an ending diagonal where it's perfectly fine for wave 4 to come in the territory of wave 1. However, it could also be a 1-2 and another 1-2 for the third wave already. Ultra bullish :)
UPDATE: This chart is on poloniex because it has a longer history. On Coinbase for example it just wicks into wave 1.
GoldAddict
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@The_Chart_Master, that is more likely...a 1-2...1-2...3 and and ABC (hard to see on this time scale) To the 4...then a blow off 5 comming?
The_Chart_Master
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@GoldAddict, could also be a triangle 4 with a target around .90 cents. But if it comes down to the .30 and .40 regions I still go with the main idea and that we're looking for the 2 on the larger degree
HODLER_OF_XRP
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Spark token will be worth nothing or if any, then maybe 0.0001$ or less... Also, after 12th December I expect XRP to drop a lot, because snapshot was taken for air drop, so people dont need to hold XRP anymore. .35 is a welcomed target.