Hi All There is a second "tea cup" shape forming that agrees with several other indicators. We orange line shows a drop and an attempt to recover that later was followed with an ABC correction pattern. Second tea cup started (fuscia line) and this one is doing several things. First is trying to grow in the red bullish channel but struggling to go over the $890 although it already made it once. The last three it has been over the lower limit of this channel which is not else but helping to form the H&S formation. It is clear for me that this formation is going to be completed, let's just wait for a candle to go through the lower red line. If this happens the H&S will be complete and will drop down to complete the second "tea cup" at about $600. This will complete the massive H&S that started in December of last year and there we will buy and go up up up. Any comments?
Curious, is $423 your target for the larger December H&S pattern? It seems technically, the target for the larger pattern would take ETH negative, so I'm not sure what to think about what a realistic target would be. I am interested in knowing how you came up with $423.
juliop90
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@Levitikon, In my opinion, the upward trend didn't start until Dec 11 - Dec 15 of last year. There was steady for about 10 days or more after a short grow. This first grow was done by the daily traders but then it went out of control up to the top. The ETH will need to stabilize in order to grow. There is where base my analysis. Not very numerical but it's impossible with this rate of growth to fit something in there.
Levitikon
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@juliop90, We're getting close! Sitting at your $450 target. Next stop $423 and possibly $400-$375. I'm really aiming for $300 but we'll see.
juliop90
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@Levitikon, yes, its almost there. There is a huge resistant zone between $380 and $420. I don't think we will fall from there. Many people, including me, will buy as soon as ETH hits $400