By analogy with BTC, Ethereum is also forming a flat as an ABC (subminuette degree), but unlike BTC it possibly is going to produce an expanding ending diagonal as a wave C.
Elliott Wave principle says that ending diagonal has 5 major waves each of which has to be a corrective ABC as sub waves.
On the chart you can see that 3 waves (micro degree) are already formed, and we are in a 4th wave now.
I expect 4th micro wave to be a zigzag with the support zone around 1700-1600, but don't get tricked after the leg A, it's going move up B and then devastating leg C.
Good luck to everyone, bears and bulls!
Elliott Wave principle says that ending diagonal has 5 major waves each of which has to be a corrective ABC as sub waves.
On the chart you can see that 3 waves (micro degree) are already formed, and we are in a 4th wave now.
I expect 4th micro wave to be a zigzag with the support zone around 1700-1600, but don't get tricked after the leg A, it's going move up B and then devastating leg C.
Good luck to everyone, bears and bulls!
Note
Wave A happens to be more violent than I expected, still looking for support and reversal to a wave B.Trade active
The uptrend now can be a B wave of a correction ABC of 4th wave or it can be 5th wave. Let's give it some time and see the structure. I went long at 1.6kTrade closed: stop reached
Not going to happen because btc crossed invalidation point. Shorts must prevail from now on
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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.