Many Possibilities Within/Outside the Channel

Updated

Not investment/financial advice, just for observational/educational purposes.
ETCUSD is currently trading inside of a channel. If it breaks out, it denotes the end of a double elliott wave combo and a wave 3 with targets of 13.13-13.49. If it stays within the channel, it denotes a triple elliott wave combo with a potential target of 11.82. Should it break below 11.80, it could double bottom at the 10.74-10.21 range.

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Looks like bullish scenario. I think I should clarify that this is a micro scale analysis and that is the 3rd wave of a wave 3 in a grander scale. A floor for wave 4 seems to be building in the 12.60's. Wave 5 (of wave 3 at the larger scale) is yet to be determined, but will need to break 16.25 to maintain a bullish count and sentiment overall.

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Wave 4 of the greater wave 3 has commenced. Price levels to keep an eye out are at 13.14, 13.00-12.96, 12.84, and 12.71. A close below 12.71 would invalidate elliott wave. Still in need of major volume to push the 5th wave into some parabolic action past 16.27.

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12.71 was a typo, meant 12.62. However, not feeling so great about the bullish count anymore. Price dropped literally 25 cents in a single 1hr candle without any volume.

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ETCUSD last chance to break 14.95 and 16.25. Chances aren't looking good though as if 13.40 can't even be broken through with conviction.

satoshiforever

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