Elliott wave Ripple analysis 18.08.2022

The corrective XRPUSD trend has begun, which may take the shape of a double zigzag W-X-Y. Now the market is building the first actionary wave W. Its internal structure reminds a triple zigzag. Waves [Y] and [X] have been completed. At the moment, a double zigzag (W)-(X)-(Y) is developing. It may contribute to the completion of the wave [Z] near the level of 0.464, where waves [Z] and [Y] will be equal. The nearest target for opening long trades is the previous high of 0.408. At this level, the first actionary sub-wave (W) may be completed as a double zigzag W-X-Y.

Trading plan for XRPUSD today:

Buy 0.376,

Take profit: 0.408.

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