Reversed Head and Shoulders XRP/ end of wave 2
Elliot Wave: As we can see the rise from the end of September until the 10th of October completed a wave 1. Now we corrected with what looks like a combination pattern, and our wave 2 supposedly ended at 1.01 which is the 50% retracement of wave 1 on a log scale. The current pullback could be the retracement of wave 1 of a smaller degree, and should not go below 1.01, once wave 2 of the smaller degree is completed we should resume our upside trend and start a snowball effect of wave 3s.
Possible reversed head and shoulders: What is also interesting is that we can see the beginning of a formation of what could be a reversed head and shoulders. Let's keep an eye on the break of the neckline, that could indicate the beginning of a nice uptrend.
Possible reversed head and shoulders: What is also interesting is that we can see the beginning of a formation of what could be a reversed head and shoulders. Let's keep an eye on the break of the neckline, that could indicate the beginning of a nice uptrend.
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