SUMMARY
Ethereum (ETH) has likely completed a full ABC corrective cycle. The five subwaves of red C are in place. However, the downward wedge could potentially generate one more up/down cycle for a lower low to $285 or so. But, the MACD is pretty much out of runway being so close to the apex.
The below chart outlines the primary (white) and an alternate (yellow) pathway. Both are expected to move in an impulsive five wave manner. However, the yellow pathway allows a lower low to occur as this would then bring the price much closer to the apex. But, the MACD has next to zero mobility and may not be able to generate one more cycle. Could a breakout be the next move?
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
