Ether...caveat emptor!
Note that this is an alternate count:
If, and only IF, Ether was to fall below the critical 8.96 mark - currently counted as wave 1 of an impulse - the current wave count would be invalidated (see link to main count below). This would mean an immediate switch in outlook from the current view of being in wave 4 of a 5 wave move to the upside - to being in wave C (circled in blue) of a flat ABC (3-3-5) correction to the downside. This would complete wave II of the cycle degree.
Note that under such a scenario wave II in the cycle degree would reach a more natural level than what has so far been the case (ie. low of the previous 4th wave on one lesser degree, and also eyeing the 0.786 fib, given that deep retracements are generally expected of 2nd waves).
Best advice is not to be in too much of a hurry to get bullish on Ether at the moment. Safer to wait and see what develops.
As an aside, this is a classic reminder that you should always, ALWAYS, exit when wave 3 of is complete. Never attempt to 'wait out' wave 4 to save the hassle of re-entering wave 5....because what you thought was wave 3 can sometimes tun out to be wave C of a larger X wave, in which case the whole thing reverses. Maybe that's happening here...a little more time will tell.
If, and only IF, Ether was to fall below the critical 8.96 mark - currently counted as wave 1 of an impulse - the current wave count would be invalidated (see link to main count below). This would mean an immediate switch in outlook from the current view of being in wave 4 of a 5 wave move to the upside - to being in wave C (circled in blue) of a flat ABC (3-3-5) correction to the downside. This would complete wave II of the cycle degree.
Note that under such a scenario wave II in the cycle degree would reach a more natural level than what has so far been the case (ie. low of the previous 4th wave on one lesser degree, and also eyeing the 0.786 fib, given that deep retracements are generally expected of 2nd waves).
Best advice is not to be in too much of a hurry to get bullish on Ether at the moment. Safer to wait and see what develops.
As an aside, this is a classic reminder that you should always, ALWAYS, exit when wave 3 of is complete. Never attempt to 'wait out' wave 4 to save the hassle of re-entering wave 5....because what you thought was wave 3 can sometimes tun out to be wave C of a larger X wave, in which case the whole thing reverses. Maybe that's happening here...a little more time will tell.
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