Ethereum sell-off from February high can be seen as a five-wave impulse pattern, labeled i-ii-iii-iv-v.
According to Elliot Wave rules, a three-wave correction follows every impulse wave. In ETHUSD's case, the rally from wave (a) low to wave (b) high unfolded as a three-wave a-b-c zigzag pattern.
The correction also terminated at a resistance zone that lined up with a descending trendline and 50% Fib. Once the correction is completed, the primary trend is resumes.
If this count is correct, a five-wave decline is expected in wave (c) to complete the simple zigzag pattern.
I will be looking for a retest of the channel support and weekly trendline for the target.
What's your view on ETHUSD?
According to Elliot Wave rules, a three-wave correction follows every impulse wave. In ETHUSD's case, the rally from wave (a) low to wave (b) high unfolded as a three-wave a-b-c zigzag pattern.
The correction also terminated at a resistance zone that lined up with a descending trendline and 50% Fib. Once the correction is completed, the primary trend is resumes.
If this count is correct, a five-wave decline is expected in wave (c) to complete the simple zigzag pattern.
I will be looking for a retest of the channel support and weekly trendline for the target.
What's your view on ETHUSD?
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.