Morning Update: ETH a breach of 1731 count is in jeopardy
Looking at our wave 1 down, the micro wave 2 was shallow so I would expect the alternating wave 4 to be deep which we are getting now. However, I do not want to see ETH trade above 1731 as it would start to put this count jeopardy. The rules of Elliott Wave dictate that waves 1 and 4 cannot overlap to remain impulsive unless in a diagonal. Granted the wave 1 bottom was around 1815 so why does 1731 put the count in jeopardy? That is the previous wave down micro (iv) high, and to exceed that is not uncommon, but it does start to cause me concern. It is also the 1.618 extension of this corrective move up. Those 2 factors generally will contain any corrective move higher. So, it starts to become complex and I like to observe patterns from a simplistic point of view. Above 1731 and I’m more inclined to revisit how I’m counting the pattern.
Best to all,
Chris
PS: I’ll be on vacation from 9/1-9/15 and will not be posting during that timeframe. I may be able to respond to DM’s.
Best to all,
Chris
PS: I’ll be on vacation from 9/1-9/15 and will not be posting during that timeframe. I may be able to respond to DM’s.
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