SUMMARY
Ethereum's (ETH) short term shows that the C wave is likely not done, based on the subwave count. The blue 1,2 and 3 are complete but the 4 is not yet finished. There is likely another lower low for blue wave 5 as shown and that could potentially reach the $580 or so. Could the correction be complete now? Yes, there is a scenario for that and the first requirement to confirm is for an impulse wave to progress upwards. However, the current bounce doesn't have the attributes of an impulse thus far.
The downward wedge was breached by a burst in price which is exactly how a decisive breach should be. The purple wave 1 is complete and wave 2 is in progress. The red ABC jives with the shorter term to target somewhere in the high $580s or so. Once purple 2 is complete, purple 3 should take prices to climb higher violently. In the longer term perspective, little has changed and the trend reversal has not been reversed.
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