#XRP/USDT 12h / Elliott-Fibonacci-Financial Channel
2024-12-11
Category: None

According to Elliott Wave theory, the price rose during the impulsive first wave and corrected in the second wave as an ABC zigzag to the 0.382 Fibonacci level. This aligns with Elliott's rules, suggesting that the correction of the fourth wave will likely be at 0.5 - 0.618.

Based on the impulse of the first wave, the target for the third wave is 4.25, followed by a correction within the fourth wave.

Using Fibonacci projections by shifting the grid from the start of the first wave impulse to the end of the second wave, the target for the third wave aligns with Fibonacci 1.618 (5.82). Without shifting the Fibonacci grid, the target for the third wave at Fibonacci 1.618 is 4.40.

To confirm this scenario, the price must break above the peak of the descending financial channel. Successful trades!