ETH/USD Elliott Wave Analysis
There's a lot of ETH reversal talk. However, in terms of Elliott Waves, a reversal would imply the beginning of wave III of (III), - the most explosive thrust up with a clear 5 wave internal structure. And that is what I have difficulty with. Even if ETH goes up to $360-380 (which is quite possible given the velocity of the first leg up and provided it will close above $355 on the daily basis), but without a clear 5 wave internal structure, it is still going to be wave B wich will be followed by a down move in wave C, but with much higher downfall targets than presented below.
https://www.mql5.com/en/charts/7372830/ethusd-d1-distel-enterprises-co
If the high of the last move up stays unchallenged though, then the wave B of II is complete and based on this view here is the likely wave count and its targets of the Wave C of II. Personally, I'm leaning to 2 Fibonacci congestion zones:
1). @$81 - 83
2). @$47 - 50
https://ibb.co/g03bjk
https://ibb.co/cTWqS5
Finally, by implication there's the 3d scenario, - that is the market goes up and eventually produces 5 waves internal structure. If this is to happen then the low of correction is already in and presented wave count is invalid.
PS. All targets are based on the xBTCe data feed. More liquid exchanges will have them $7-15 higher.
Dear Sreez,
The financial terminology plus level of english makes difficult to interpret your important articles. Is it possible to use little bit more plain English to help followers like me?
In simple terms even if ETH goes to up to $360-380 in my view it does not mean that the correction is over and I expect another wave down. If it goes down from where it is now the high probability targets are $81 - 83 or even as low as $47-50.
Is it possible that ETH will go down without even going up?
The man said "If it goes down from where it is now the high probability targets are $81 - 83 or even as low as $47-50."
Thank you @mikedc for your answer.. you truly answered him deep from my heart
@srezz Really? That low? I am not questioning you, but that seems a bit extreme. Are you thinking at the margin? Thoughts? I am new to this world but do enjoy and respect your articles. Thanks for your hard work.
thanx srezz with the cool info will monitor it closely
thanks comrad! im with you right from the crptocompare
so we`re up once again and going down hard? or it going down now?
That is unknown. What is being said is that if it to continues going up to the +300 range, it will most likely come back down to a sub 200 range. But is it does not continue its upward momentum then the down projection is sub 100
Thanks dude finally got approved
exactly my thought.
Appreciated Srezz..
I hope everybody understands that by implication there's the 3d scenario, - that is the market goes up and eventually produces 5 internal structure. If this is to happen then the low of correction is already in.
Thanks @srezz for the analysis. I am new to this and as I started following you. You cam to steemit. They took a while to let me in.
@srezz its been more than 48hrs ETH is in range $210-235. Do you have any insight is this is going to lower from current range or move forward towards 300?
Before the market shows its hand either way there's nothing to tell.
Hi Srezz,
Thanks a lot for your latest update. Just to make sure I understand correctly, are you saying that ETH will test last high before heading lower to congestion zones ?
Thanks, looks like you just answered my question above!
Finally they let me in!
Thanks for all the info srezz!
Learning a lot these days and love the way you explain the choices we can make! Keep up the good work!
Just got verified, SGsix here, thanks for the analysis srezz
Thanks for the TA!!
Hello Srezz, always appreciate your analysis. Eth has started moving now. Do you see any change at the moment that where it is heading anticipatively?
Finally i'am in 2. Thanks