Long

ETC is getting ready for the next wave

Updated

Here we have ETCBTC pair on the 4hr time frame.

I try to make charts as simple as possible with clear trends. The first wave has been completed and now the wave 2 correction, which is forming a nice triangle. Currently, the led D is being worked on. After the completion of this triangle the Wave 3 will start and possibly it will be an extended one. However I have kept it conservative on this chart.

Let me know what you think.

Disclaimer: you know this this is not a financial advice,right? :)

Note

ETC has decided not to go for the wave D but rather form another symmetrical triangle. It has already formed 3 dojis and now the forth is comings. The RSI is pretty much flattened and Storch is about to turn up. This is a clear sign that something drastic is about happen. On the positive side we are still above the up trend line which is also our lower wedge line.

BTC is looking positive for now 11.2K is being the critical level. ETC might catch its wind.

P.S: we are at block 5.434M block now..don't forget to keep an eye on the count.

Note

ETC has no self momentum right now and following the BTC fall. The upward trend line is broken but the wave count still holds.

Next support line is at .382 fib level (0.002982)

Note

As the up trend line is broken we need to adapt our count as well.

The new count considers an ABC (5-3-5) correction, where we are now at the 4th wave of C. The target for the correction end is at just below 0.0030 level ( .618 retracement) . if that fails too, next line would be 0.002695

Note

hope this is a better picture

Note

Maybe my initial projection was too rigid, ETC has chosen to follow a smoother path but we are on the way and we are much closer to the apex too. To be clear, I am expecting one more retracement towards 0.0032 level before the break out. As always, if BTC decides to test 9K level, we might see a lower level for ETC too.

Trade closed manually

New idea posted with cleaner chart

darkandblue

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.