Etherum shows a clear 5 wave pattern to the downside. It was retraced by a 3-wave zig-zag, which ended just short of the 61.8% fibonacci retracement. This is a typical level for 3nd waves to end.
Moreover, wave action already cut into wave 1 of higher degree, which signals that the paramount trend to the upside finished at the recent all time high.
Etherum is therefore most likely in a 3rd wave to the downside. Expect a strong selloff!
I believe it is too soon to say that we are in a big move to the downside. I dont trade the elliot wave, but I am aware of most trading systems.
The current wave we are in could just be the 3 and then we revert back to a 1-5 of the larger macro. This would mean your 5 is in fact the 1 and your C is a 2. With the bounce we just had at the 920 levels not only am i hoping this is the case, but also seeing the likelihood it is true.
The current wave we are in could just be the 3 and then we revert back to a 1-5 of the larger macro. This would mean your 5 is in fact the 1 and your C is a 2. With the bounce we just had at the 920 levels not only am i hoping this is the case, but also seeing the likelihood it is true.