Ethereum Classic not yet done!!?? ETC/USD

Updated

Other EW chartist might consider ETC to have completed all its waves.Here is how I am looking at it, in my setup wave 2 and wave 3 have retraced to 0.382 and 0.618 fib level respectively. According to Elliott, wave 2 and wave 4 are usually the converse of each other and show different characteristics.For instance, if wave 2 correction is short and quick then wave 4 correction will be long and slow. That's what we are seeing on the above chart.

Also, the sub-waves of wave 3 show good fib retracements. Wave 2 and 4 having 0.786 and 0.618 retracements respectively. My setup is as below....

SL:26.00$

TP 1:36.8$
TP 2:48-52$(Will update)

As I get more data, I will update my targets and chart.For now, 36.8$ is my target!

Note

The price breached the stop loss and I was closed out of my position.

Here is an update on it:

It's highly likely we are having an expanded flat correction with a WXY combo.The price action after finishing wave 3(in my setup), did not feel like a regular correction, this makes me believe this was an expanded flat correction.

Unless we see 5 waves down, I won't be opening any position. Likely target where the price could fall is between 23.7$-24.5$.

P.S: What is an expanded flat correction?

- Expanded Flat is a common corrective structure seen in wave 2 and 4 of a Motive Wave, the connector in a Zig Zag or any part of a Double or Triple Correction.

In a bullish trend scenario price moves against the trend lower in a 3 wave structure to form wave A.

Note

The bottom is near, Ladder your Buy's Green Line on the chart are possible reversal zones.

Memphiz

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