Etherum (ETH): Take a Look at These Fractals

SUMMARY

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Remember that not every triangle is required to have an abcde Elliott Wave sequence. Just because the pattern looks triangle shaped, doesn't mean it has to be EW compliant. This is why there are plenty of D wave breakouts. However, every now and then, patterns do become invalidated. The fractal boxes (yellow and magenta) can be observed for a repeat. In other words, the yellow box contained an upward pointing wedge in an uptrend that burst upwards prior to declining. We might have the inverse fractal of that in the magenta box which is an upward wedge that's occuring on a downtrend. IF price decisively breaches the magenta top trendline, the pattern could become invalidated.

However, the longer term still is pointing to a one more lower low potential. The 0.78 Fib level is dying to be tagged. Since price is sitting just under the belly of hte upper bull flag line, a decisive breakout would still be bullish; but negate the 0.78 Fib touch. The MACD is likely to curl downwards one more time which should pull the price down also. Overall, it really doesn't matter because once the breakouts in price and MACD occur, the wiggles and squigles have little meaning.

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