Applying basics of Elliott Wave Theory on ETHBTC.
Wave 1,3,5 affect the direction of the market.
Wave 1 is usually in form of a leading diagonal.
Wave 2 is 50% or 61.8% of wave 1 and it never moves below wave 1. (corrective)
Wave 3 is 161.8%-261.8% of wave 1 and is an impulse and never the shortest wave.
Wave 4 is usually a flat, triangle, or combination thereof.
Currently, we are in a corrective wave (4) in form of a running triangle.
Wave 5 is 100% of wave 1 or 161.8% of wave 4, impulse wave.
Wave 1 is usually in form of a leading diagonal.
Wave 2 is 50% or 61.8% of wave 1 and it never moves below wave 1. (corrective)
Wave 3 is 161.8%-261.8% of wave 1 and is an impulse and never the shortest wave.
Wave 4 is usually a flat, triangle, or combination thereof.
Currently, we are in a corrective wave (4) in form of a running triangle.
Wave 5 is 100% of wave 1 or 161.8% of wave 4, impulse wave.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.