Foreign [Music] Welcome to another update video about Xrp xrp a little bit of a boring chart At the moment as well not too much is Happening my view is still Um and I am considering other options as Well But my primary expectation is that xrp Since the April 21 High has been moving Down in a from a wave one in a wave two And that this Wave 2 correction isn't Over yet that has been my view for a While we had this rally here to the Upside I did warn you it's most likely Not going to be a sustainable rally and It wasn't yeah there was short-term Upside but it wasn't used due to the Issue around FTX on the 9th of November It came down but it was from the Beginning not Um going to be seen as a sustainable Breakout scenario so the chart also Didn't really follow through on that as Anticipated Um as I said there was some short-term Upside potential Market didn't use it Because you know as long as the trend is Still down it is harder for a chart to Generate upside potential even if it's Only short-term upside potential Because the trend is still down yeah but We have a few interesting developments On this chart so first of all my view of
This current correction the Wave 2 is That we're moving in a so-called wxy Pattern this wxy can be considered Um not finished yet yeah because the Y Wave consists of a wave a a wave B and The wave C is probably still ongoing at The moment As I said I do consider other options For example there's just a different Wave count where if I zoom in a little Bit I don't want to sketch out the Entire wave count but We can consider Um let me just see where were we Here we can consider this as an A B and Then C wave down and in this C wave We've done already the wave one We've done already The Wave 2 we've done Already The Wave 3 we've done already The Wave 4 and we're now heading down in A wave 5. it's another count it leads to A very similar result so it doesn't Really matter which one we are following Here there is a third count which is a Bit of a weird one which is possible as Well I'm not really considering that too Much because it's it is really a bit of A weird one Um it indicates that this entire move Here can be seen as an Elliott wave Triangle that would work however best if I use the log chart lock chart is not Really my preference because I believe With the log chart the waves are getting
Distorted so I'm not really following That Um too much it would consider the whole Thing as a triangle and the whole thing Yeah since 2018 let me actually you can See that actually if I use the Elliot Wave the log chart here yeah then I can Actually see this as this top as a wave One back in 2018 And then I'm gonna sketch it out for you But it's not high confidence and this Would be a wave a this would be a b wave Then we no one second this can't be the B wave Canon a Yeah no it would possibly be so then the Um The C wave still to follow then a d and An e so it's a bit of a messy one a very Long one I'm not going to follow that Because it's a bit unrealistic over that Long time period To have an edit wave Triangle really Yeah Um But therefore I'm not going to follow Too much on that just important to know That might be something we have to look At in the future A few interesting developments see in The short term is that we broke out of This so-called descending wedge so far However the price hasn't really followed Through and on it you know so at the Moment we have seen yes a breakout that
Is when we had that rally where I warned You this probably not a sustainable Rally then we came down yeah we you Might consider that a retest of this Wedge even though we didn't really touch It again but you might consider that it Has to previous support now we're moving Higher but it's not really any bullish Movement here that's happening yeah so From an Elliott wave point of view my View still is that We are coming down once more and make a Lower low here in a wave two in this Wave C of a y wave yeah in wave 5 of C Of Y of 2 you could say Um the count from the previous video Hasn't actually changed my view is still That this could be a wave one here wave Two here wave three this just be a wave B away four in a diagonal pattern and Then By the way we did avoid to touch the Wave one price range which is quite Interesting Um and now we could push down I mean I Made you aware in the previous video That this is an ascending wedge Generally a bearish pattern we could Really expect a breakout to the downside From here is it guaranteed no this could Also just extend out a little bit I mean The thing is until we really see a solid Five wave structure to the upside on This chart
We are probably gonna have to focus on The downside yeah I'm going to show you A bullish alternative as well in a Minute but for me from here anywhere Ideally below 41.9 cents as long as we Stay below that level I would focus here On the downside Target for the fifth Wave I can give you that as well for That we take the length of the wave one We add it to the high of the wave four And the first Target would be 27.7 cents That's the one to one ratio the ideal Target would be the 1.618 extension at 19 cents bear in mind if this really is A diagonal pattern then those extensions Sometimes they are less reliable So it remains my view that we are Obviously here in this descending Ascending wedge we could actually be Breaking to the downside just now as you Can see here Um And for me the trend is still down yeah Especially as long as we're holding Below this trend line I mean even if we Break to the upside we've got a trend Line here with three touch points yeah Um maybe it's worth keeping that on your Chart as well it's certainly something With three touch points that has some Relevance could it be you know could There be a bullish count Um I would really struggle I'm very honest
With you I would I would really struggle Here with any kind of bullish count I'm Going to go to the one hour chart for That Um could we say we We bottomed here Yeah it would be really difficult I Guess we could Yeah I mean this you could you could I'm Just I'm just trying to count the ways I Mean you could count this as some kind Of a leading diagonal again Um that's what I mean with with bullish Alternative I mean you could have you Could say we've had a one two set up Here somehow then another one two set up Here it's already getting less reliable Um Here from 38.5 cents you could say Against that level we could start away Three to the upside but then again what We would need to see is a break above Where are we Um I mean this is really micro counting Then where we get to right Really really micro counting I mean what We would want to see is a break Above This wave one high then 41.7 cents this Would be the bullish interpretation Could say yeah wave one up a wave two Down but then we would need to see a Break Above This high for the 1.2 cents To push hierarchy and break out of the
Wedge to the upside but this is really You know you can produce all all sorts Of counts as I say in other videos as Well but it's all about what is likely Yeah what is likely I mean Just thinking is there another Possibility Um looking at this whole thing some kind Of a leading diagonal I mean Because we don't want to Discount the Bullish possibility here but is it Likely you know that's the thing one two And then in the way three to the upside Four five just to show you the Possibilities here so this certainly Could be a wave one this could be a wave Two problem with that wave two it has Retraced a little bit too low normally You don't want a wave 2 to retrace more Than the 78.6 FIB level but as you can See if I draw the fibs because then it Gets less reliable it's actually Retraced more than the 88.7 flip level So very unreliable well then we could Say in this wave three we've got here a Wave one to the upside a wave two down And we're now in three four five within Orange wave three yeah so make that Yellow Different wave degree So one two and then we're in three and Then you could say yeah this is another One two set up here Um one two and I'm not going to sketch
That out but it would just mean you know This could be very very bullish because A combination of one two setups if you Have three or four is generally Considered very bullish but the chart Needs to follow through on it If it doesn't it's not going to work out And to be honest from my experience Doing these charts if you have a series Of three or four one two setups it's Usually not gonna work out I'd be Extremely surprised if it does work out And you have a signal that it is working Out if we break Above This 41.8 Cent Level but um yeah just be aware it's There it's possible And I leave the orange count on the Chart just to highlight you know there Is a potential to break out from here But it's not high confidence it's not High confidence I mean if you zoom out You can say you are very close to um You're very close to support well Actually we've moved quite a bit already But um Yeah it's not high confidence I think That's that's the I I would believe it a Little bit more if we break above that 41.8 Cent level but for me primer Expectation very clearly is down yeah so Of course there is a bullish count you Can always produce a bullish count it's Extremely difficult to produce produce a Bullish count here that tells you a lot
About the likelihood Um and therefore there are better charts That show much more bullish prospects And here unless we really see a signal Yeah which is a proper impulse to the Upside maybe those five waves in Orange Complete and then three waves down I'm Gonna Focus here on the downside and I Gave you the targets for that Okay and that's my update about xrp hope You like the update if you did please Hit the like button leave a comment and Subscribe and if you really like the Content then please check out the Channel membership thanks a lot for Watching bye [Music]