ETH 61.8% retracement to to $670. New cycle wave to 1300+
Updated
An update on the previous idea. Wave B did not reach the bottom of the previous upwards channel and instead found resistance at 23.6% fib retracement. I would expect a retracement to continue now until the $670 levels to complete an ABC wave correction. Current trend-based fib extension based on the swing low of wave A indicates resistance approaching $1400 for the next bullish wave.
Comment
The downwards channel works a lot better if plotted from the peak of wave 5, therefore making the incline less steep and extending the time to reach 61.8% retracement.Comment
The gradient is not as steep as anticipated, but the idea still remains valid unless a higher high is formed above $1172. A BTC bullrun could negate the ETH corrective wave.
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