ETHEREUM (ETH): Keep an Eye on the Wedge!

SUMMARY

ETH, while not reflecting the pattern of Bitcoin's correction, the abc had been quite similarly timed with BTC's bottom and recent turn. So, yes, ETH is following BTC. The abc is a zigzag (5,3,5) and is likely complete.

The channel drawn can be indicative of an ongoing impulse as labeled. There is likelihood that wave 3 could breach the upper blue line during overnight activities. IF it doesn't, then the next likely action is for price recede to the lower blue support line.

Note the upward pointing wedge. This wedge's apex hits the upper blue line of a much larger, downward pointing channel. I believe the top channel line will act as a resistance and given that the abc looks complete; price should be able to breach it. However, the wedge also means that price can bounce around in a corrective fashion before being able to breach the upper blue line. This pattern leaves open for a while longer a more bearish connotation where rather than an abc; there could be an abcde set of waves. Therefore, one needs to be aware the the current rise could hold the potential for the D wave.

Until that breakout is confirmed decisively, the projected white impulse waves remain with only wave 1 having the probable completeness. Perhaps, overnight price action will deliver the breakout; aided by Bitcoin price strength up!

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It shoud not be considered financial or investment advice of any kind. One should consult with a financil or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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