I Tracked ALL Wave Counts for This Crypto (long term forecast)
I want to take a look at the long term chart of this particular crypto, and i want to explain to you what the potential wave counts could be telling us quite interesting by the way guys before we start uh. I just want to first of all explain why i havent put out a video for some time. You might have noticed ive not put out a brand new video for some time and the reason, as im sure you probably know is because i had surgery on my arm about just over a week ago. In fact, as you can see here, im still in a cast here uh, so essentially what happened was after i had surgery. I thought things would get better, actually got much worse because after they put the screws in my elbow, i found myself in extreme pain. In fact, the pain is sometimes so excruciating that no amount of painkiller actually works. So i couldnt sleep. I couldnt focus on anything about a few days ago. I went back to the hospital. I spoke to the doctor and i said, look, nothing is working. Can you give me something strong? I think the doctor prescribed me one of the strongest painkillers there probably is, but actually the fact is that it doesnt work either after about an hour. The effect of the painkiller wears off and i find myself again an excruciating pain going through my arm in case. You want to know what it feels like its a bit like someone twisting your arm every minute, thats, essentially kind of what it feels like, and i find myself not being able to focus much or indeed asleep.
Even but in any case it is what it is. Its going to pass eventually, hopefully – and hopefully we shall be able to make some more videos here soon, but in any case in this video i want to talk to you about is this particular crypto and the long term chart so lets talk about that. All right guys welcome back so essentially in this particular video. I want to talk about the chart of xrp or ripple. Now i know some of you are probably going to be disappointed when i said that, because youre, probably thinking, hang on a second, i want to watch a video about bitcoin, but stay with me guys, because what im going to talk about in this video could actually Be very useful, especially when it comes to chart analysis as ill explain in a few moments, because once we can look at the chart of xrp and understand this potential wave count, we can actually learn quite a bit about chart analysis and also, i would say, elliott, Wave theory as well now, let me just say as far as bitcoin is concerned, i still think my previous analysis on bitcoin still remains valid today, so i actually believe that less is more. I dont think the idea of putting out constant daily video updates on bitcoin or actually anything is useful. So i really believe that less is more when it comes to chart analysis anyway. Lets go back to the chart of xrp and explain to the significance of this chart and why it could be very useful when it comes to chart analysis and elliott wave theory and, as youll see from this long term.
Weekly chart of xrp ive, actually put two kinds of wave counts: ones in red ones, in yellow the red wave counts essentially represent the bigger wave counts, the larger major waves, okay, so, for example, youll see in the red count. Those are waves, one and two in the long term time frame and then the major wave three, as you can see here, the major wave three peaking about 2017, as you can see there in december 2017, before a major drop, a major correction that was the wave 4, essentially, the wave 4 correction essentially bottomed out in march of last year in march of 2020, and then we began what appears to be the larger wave 5.. This is the larger mega wave five, as we can see there in red and actually, as you can see here, this larger wave five is itself composed of smaller waves in yellow the yellow counts and in my view we are now in the smaller yellow wave. Five in the much larger red wave 5 in xrp and as youll see here, the wave 2 correction in the yellow count was the major crash we had in december of last year. As im sure you remember, there was some bad news hitting xrp. There were some rumors that perhaps xrp could be removed and delisted from some of the exchanges, but, of course, xrp ignored all that bad news and managed to rally higher. In fact, you may remember in january of this year, in fact, in december of last year and january of this year, i said: look we have to ignore all that bad news, so we actually got bullish as xrp crashed down to 0.
17 or 17 cents. We got bullish on xrp, whereas the majority of folks out there were very bearish on xrp and you may remember, people were saying to me back then people were saying i can be bullish on xrp. With all that bad news on on ripple – and i said, look we have to remember that fundamentals and news are not the same thing as price action. We have to remove and separate price action and chart analysis from fundamentals, fundamentals and all that news garbage. So, whereas the majority of folks out there very bearish on xrp, we got bullish on ripple and, as you can see here, ripple managed to rally higher and then it peaked just about in april. Or may we actually anticipated this pullback. This drop in the price of xrp and xrp pretty much from the base and then start the major rally higher. So i actually think that the last correction that we had the last major drop we had in the last several months was a wave for correction in xrp. So what you see here now in yellow are my five waves here in xrp, so thats waves, one and two three four and i think were likely now in wave five now i know youre, probably thinking some of youre. Probably thinking hang on a second also that cant be right because surely wave four cannot overlap, cannot go in the territory of wave one right. Well, actually, not necessarily you see guys while it is true that in most patterns, wave four does not overlap or go in the territory of wave one.
There are exceptions to this rule. You see when you have an ending diagonal pattern. There is a pattern called an ending diagonal, as you can see here in these kind of patterns called ending diagonals wave four can overlap with wave one. So there are situations in these patterns in a wave, five called ending diagonals, where a wave four can actually go in the territory of wave, one that is allowed in these patterns and thats. What i think we have here in this chart of xrp, i think we are in an ending diagonal formation and i think the last correction was a wave four which overlapped with wave one, and essentially, we are now in the yellow count in this smaller wave. Five in a much bigger wave, five and i think thats uh, if thats correct by the way, i think as long as xrp remains above 0.7 0.74, then i think its quite likely. This wave 5 of 5 could eventually take us to 2.3 and 3.4, potentially by the end of this year or by the beginning of next year. In fact, i think this larger wave 5, the one in red, could eventually be heading towards the 5 mark on xrp. As long as xrp remains above 0.74 now, the reason i mentioned this because you know: can this wave count be wrong? Yes, it could be wrong again. These are based on probabilities. For me, at the moment, this particular wave count has a higher probability.
Okay, that does not mean its certain its by no means certain, so that means as long as xrp remains above 0.74 or 74 cents. This, for me, has a higher probability as far as the wave count goes now, if im wrong and lets say, for example, if x rp were to drop below 0.74 or 0.7, then i will have to change my mind, and that means by the way we could Potentially have to move into a very bearish wave count, however, guys as far as im concerned that carries a lower probability. So as long as xrp remains above the 0.74 0.7 levels. For me, this bullish wave count towards the 2.3 and 3.4 levels by early next year by the end of this year, carries for me a higher probability. Now look. Can we have a pullback in the short term, of course, pullbacks and retracements are normal in any kind of uptrend. So, as far as im concerned, as long as xrp remains above support above the 0.74 level, i think that thats, where were ultimately heading by next year in the larger wave 5 and the larger red wave 5 towards the 3.4, eventually towards the 5 mark, all right Guys hope this video helps and i hope to see you guys in a future video update on bitcoin cheers guys bye now manuel. My question to you is on the subject of capitulation because we all talk about capitulation. I want to ask what you think about it: how does the word capitulation come into uh? How can we put it into something substantive, something that makes sense? What does it mean to you capitulation so, for the time being, capitulation is a concept that has been more than proven with u.