I stumbled upon this POLONIEX:ETHUSDT pattern thanks to DLavrov's idea:
As (quite unfortunately!) my platform is not offering cryptocurrencies trading, I'm usually not checking them, but this setup definitely captured my attention.
Perfectly shaped wave almost reached point 5 now. If the resistance around this level stands, I would expect it to go North all the way up to planned target (point 6).
Even though I can't trade it myself, I decided to publish this idea anyway as in fact it looks like a very interesting long project to me.
Ethereum descended to 170 level and slowly climbed to 189 afterwards.
Both RSI divergence at H4 and especially significant volume build-up at this point are speaking in favour of this.
For strong confirmation of trend change, the price needs to return back to the body of the pattern by crossing 1-3-5 line (20x area). This move should be supported by significant volume to ensure its further successful development.
It is possible that the price will re-test 1-3-5 (20x) area once again prior to that move. If this line (2-4) is broken, the next target will be point 6.
Depending on which one prevails, the price will either return back to the body of major pattern or will keep its descend to new lows.
If this attempt to reverse the beginning of uptrend fails and this minor wave is broken, the next targets will be line 2-4 of purple pattern and return to 20x area.
The way to planned point 6 is opened now.
If Ethereum continues with significant upward move backed by solid confirmation data (especially volume!), the next TP remains at 42x level.
However, if it doesn't, caution is advised due to all the factors previously mentioned above.
The grounds for rebound lie in the very nature of Wolfewave pattern which is based on re-test of previous support and resistance areas.
The wave is considered to be successful if the price reverses at point 5 and then reaches the target line 1-4.
It is possible to predict where it will cross via 2 ways:
1) Classic - looking at the ETA point (where triangle is ending)
2) Not so classic - usually, it takes as long to form the wave from point 1 to point 4 as for the price to move from point 4 to point 6.
In most cases I prefer the 2nd one as it usually gives more accurate results and the 1st one is not always applicable due to limitations of wave shape.
In this particular case, their potential targets are pretty close to each other:
I hope this helps :-)