SUMMARY
ETHLend (LEND/BTC) placed a five wave motive (blue) and as is quite the norm for Cryptos, wave 5 was extended; in other words, the longest of the five. While the degree of extension was not very significant; Cryptos have a personality trait unique from equities where the frequency of extended 5th waves is quite high on a daily chart scale. This is another reason why equities applications and guidelines of Elliott Waves can't be overlayed on Cryptos; such personality traits must be taken into consideration. Whenever there is an extended 5th; one needs to be concerned on the degree of correction because it is quite often very deep; well past the prior wave 4 zone. The below chart shows that the correction could soon be closer to the prior blue wave 2. This is often the 0.88 Fibonaci levels.
The correction is labeled as a complex triple WXYXZ and each subwave has been filled. This is also another way for extending the time length of the correction. The final c wave's five waves could be nearly complete. This gives greater probability to a trend reversal potential coming up.
One can't forget the tendency for the correction to drag on even more than expected. The below chart outlines a revised label of the triple. The red arrow shows a potential for further sideways price movment into April/May time frame.
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