ETHBTC UPDATE - ANALYSING THE ROUTES
Updated
Actionary 5L impulse ending 0.0151311 is a subdivision A of the ABC continuation of a leg A in a higher degree ABC packed into leg Z in an uber-extreme exsatough mind-melting gigantesque triple zig zag combination.
Both green ABC and blue ABC are poised to reach much wider price range than they seem at this time, leaving a room for bear continuation up until 05.22. A conjunction of a flat with blue ABC of a higher degree has me thinking about two different ways this plot could develop.
1. In a regular flat purple 5-L impulse ended above 1.382 level 0.0151311 from where leg B of a green ABC proceeded to marking a new lower high 0.01764, giving us inkling of where the parent leg C is going to terminate, it must be somewhere between 0.0137 and 0.01315.
2. Its an expanding flat and all the space between the end of leg C and 0.01315 is bridged by a single 5L actionary impulse slanted down to the extreme 2.236 ext. level.
Neither P.1 nor P.2 impacts the destination by prices but proposes different ways of parsing subwaves.
We must get hit by a severe retreat and depart from here in a vertical plane to the 0.0132666 base from where we will develop a moderate ricochet slightly below the recent low 0.0151311. The bottom line is, dont long. Add shorts but dont long. Never buy rapid tops, they weaken fast.
The down route projected in this chart could be respected differently, kind of involute curled fluctuations tending where btc wants them to, not necessary a straight path to the earnings release. When more data comes in I will update the chart if there are any meaningful alternations in the trend direction.
Both green ABC and blue ABC are poised to reach much wider price range than they seem at this time, leaving a room for bear continuation up until 05.22. A conjunction of a flat with blue ABC of a higher degree has me thinking about two different ways this plot could develop.
1. In a regular flat purple 5-L impulse ended above 1.382 level 0.0151311 from where leg B of a green ABC proceeded to marking a new lower high 0.01764, giving us inkling of where the parent leg C is going to terminate, it must be somewhere between 0.0137 and 0.01315.
2. Its an expanding flat and all the space between the end of leg C and 0.01315 is bridged by a single 5L actionary impulse slanted down to the extreme 2.236 ext. level.
Neither P.1 nor P.2 impacts the destination by prices but proposes different ways of parsing subwaves.
We must get hit by a severe retreat and depart from here in a vertical plane to the 0.0132666 base from where we will develop a moderate ricochet slightly below the recent low 0.0151311. The bottom line is, dont long. Add shorts but dont long. Never buy rapid tops, they weaken fast.
The down route projected in this chart could be respected differently, kind of involute curled fluctuations tending where btc wants them to, not necessary a straight path to the earnings release. When more data comes in I will update the chart if there are any meaningful alternations in the trend direction.
Note
ETH is taking its time. Winds from north were strong and resulted in a solid rebound that had to fill 70% of the first down leg.We've already seen smart money building a bull trap up there to bump holders' hands into weakness.
Be aware that market forces could be devising an escape plan while at the same time everyone else is buying their bags. We can go nowhere but down from here.
Note
Thats it. I'm thinking we're capable of defending downside from further breaking once we have a triple zig zag landing on the 0.010666 support.It was a bumpy road from 0.0372 to 0.0151311, with 2 intermediate patterns labeled through X to XX interrelated with 3 impulses within the primary trend labeled through W to Z.
W and Y two prior legs have shown decrease in height from 0.01679 to 0.01349599 and leg Z with the height only 0.01211 may be falling below the lowest of two values. If theres imbalance in the wave counting we can sink even lower.
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