The price swing for Ethereum classic (ETCUSD) from a price low of $14.00 (Feb. 6, 2018) to a high of $42.85 (Feb. 20, 2018) has been identified as a 3 wave zigzag Elliott wave structure. This corrective move is part of the sell off that began on Feb. 14, 2018 at ~$45.30.
The implication of the above is that the entire structure when complete should be a regular flat and the minimum target for the end of the move is $14.00. ETCUSD is currently in the last leg of the regular flat (an intermediate wave Y),where it appears to be tracing a 5 wave move.
Minor wave 3 is possibly not yet complete and still requires a wave ((iv)) and wave ((v)) after which Minor w 4 is expected to resume which could possibly also terminate in the region of the 4th wave of the previous degree i.e. w((iv)) of Minor wave 3. Minor wave 5 is then expected to complete downwards. The arrows on the chart are used to show the possible trajectory for ETCUSD.
Using the price projection for a regular flat, other possible termination points for Minor wave 5 are $10 and $4 before a bullish move can be sustained.
The other alternative scenario to the analysis above is that is quite possible that ETCUSD completed a 5 wave move from price low of $14.00 (Feb. 6, 2018) to a high of $42.85 (Feb. 20, 2018). This 5 wave move is most visible on the Daily tf of ETCUSD (not shown here). The implication of this is that ETCUSD will complete a zigzag move upwards and price should at least target the previous high of ~$42.85 of Feb. 20, 2018.
Target area as shown on the chart is between $28.49 and $27.05. For this analysis to be valid, the POI (point of invalidation) = $32
P.S.The use of a "price swing" in the comments above is used by the author to indicate the overall movement in price in a particular direction."Price swing" as used above connects a price low to a price high or vice versa. It does not imply or is the same thing as an Elliot wave structure.
@PeterTrubetskoy, the reply above was meant to answer your comment. Nothing is impossible from what I can tell so far about the market let alone cryptocurrencies. Like I mentioned in the post. It is clearer to see a 5wave move on the Daily tf. If that is the case, the alternate scenario to ETC reaching $10 or $4 is that it goes back to $45. Evidence for this will be if ETC fails to make a lower low and instead moves past the POI that I mentioned around $32. I hope you have a great day. Cheers
Coin_Analyst
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Nothing is impossible from what I can tell so far about the market let alone cryptocurrencies. Like I mentioned in the post. It is clearer to see a 5wave move on the Daily tf. If that is the case, the alternate scenario to ETC reaching $10 or $4 is that it goes back to $45. Evidence for this will be if ETC fails to make a lower low and instead moves past the POI that I mentioned around $32. Have a great day. Cheers