SUMMARY
As you know, I've been using the below chart of a bull flag pattern to analyze Ethereum (ETH). It calls for an ABC correction with a much lower low. The subwaves match as well as the pattern. However, there are many possibilities and an analyst's job is to best identify the probabilities. To that end, another analysis is shown in the second chart.
A symmetrical triangle with a long bottom trendline support can be drawn as well for ETH. Combined with a top contracting line, this patterns out a symmetrical triangle. The subwves of the red ABCD have been labeled and that leaves the final E wave to go. There might even be a temporary piercing of the bottom line as a bull wick event. The blue arrow represents a D wave breakout potential and the white is for the E wave. I would prefer the E wave since it would be more proximal to the apex and so more energized to sustain the breakout rally.
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