Ripple Consolidation: Deep Correction or Structural Wave 5?

We have an interesting situation developing in the XRPUSD chart :) I will be updating this thread as we go, but for now, please have a look at the data. Which way do you think it will go?

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We have a bit of a rally going here:

To see what is really going on we need to look at this chart too:

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The major key fibo resistance put a stop to things:

On the other chart we are now trading below the sub-fibo:

Either way, I have not seen a good position to enter since posting this thread. Currently, there is too much downside potential...

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Here are some important places to watch: Downtrend line and the edge of the short box. Don't rush if we go there, as you'll want to see a retest.

XRPBTC:

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RSI is tired now in both charts. Also we reached the 0.618, so I don't think we will be back for a while.

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I was wrong! Broke out of the downtrend and short box area :) Major fibo resistance next.

We are in the shorting area in the other chart:

Trade active:

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Danger!

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MAN the volatility here is crippling....

Normal rebound in the other chart?

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:(

Trade closed manually:

I've closed this as it costs me waiting for the drop...

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You can never go wrong shorting Ripple :P

Trade closed: stop reached:

:(

Trade active:

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Trade closed: target reached:

:)

Trade closed: target reached:

Wahooooooooo! Broke all the recent trendlines and we are back below the major downtrend line.
Broke the key fibo level, the sub key fibo is next support at around 0.20 USD. The long box would be between 0.20 USD and 0.18 USD if you want to re-enter for a rally. ;) 4HR RSI is oversold, so....

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Bounce? I'm not a fan of countercyclical, but there is double digit potential here.

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Better picture :)

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Still fishing for the bottom. We should see a really nice countercyclical bounce here soon (i'll post a dedicated thread when I see something). For now, here are some lines.

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Hit the hourly fibo extension

Resting on a daily fibo here:

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Let's see if we form the right shoulder.... if not, we will hit the fibo extension and watch for a higher high.

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We could still form a fifth wave down in this chart by bouncing off the top downtrend line....hmmm

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Are we forming the right shoulder ??? ;)