ETHUSD retrace watch: Ethereum with unusual In-Phase Fibs

Updated

ETH surged higher than I expected, and of course came down hard.
The Impulse for wave up was quite obvious early on, and still in play.
The Drop also had an obvious Impulse that started at the top itself.

Notice how the Ripples of both Impulses are almost perfectly aligned.
We all remember graphs of Sine waves lining up In-Phase or Out-Phase.
These In-Phase waves should create strong boundaries and reflections.

Usually the fibs are not so similar in both Amplitude and Frequency.
This will be a great study of price action in a un-common situation.
In general I am expecting another leg down for an ABC correction.

There is a "Significant Chance" that retrace is already done.
The green 5.236 with red 6.618 was clearly a strong band.
The green 4.236 with red 7.618 stronger given previous highs.

All in all, $125 looks great on the chart, and sounds great on the tongue.

Note

Expected leg down under way

Zooming in, this fib seems to fit, and seems to indicate 123.27 for possible end of this wave.

Note

Correction: back to bigger picture, 121.75 looks like the next strong support

Note

ETH still stuck between the fib rails

and since most of them are doubled up from the two different fibs, the are quite hard to pierce in either direction.

Zooming in on the Red retrace Fib, we see that the 6.236 is currently trying to support the price

Zooming in further, we see how the Green and Red fib lines are competing for dominance

Currently looks like Red fib might be asserting itself, which could indicate further push down.

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Note

125 pretty important per fibs and psych number.

If that breaks, then 122.5 next stop which better hold, or else 117 pretty soon after imo

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Note

122 looks imminent per this micro-fib

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Decent bounce off 7.236 of this micro fib

But still struggling to get back above the red 7.618 + green 4.236 confluence

Note

ETH has been fighting double fibs all the way

Now in a gathering zone. Breakout either side could be violent.

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Note

ETH short term fib of bounce

And there's our Confluence of 3's

138 gonna be a tough nut to crack ....

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Note

Confined still by the Congruence of 3

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And thus the power of a "Confluence of 2"

Zoomed in we see the continued struggle between green and red fibs for dominance

or perhaps the 618's vs 236's, and I do find 618's to be more powerful in general

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Note

Still trapped by the synchronous Fibs but with an IMPORTANT development: 135.7x-137.7x will be very important going forward

all that Ping-Pong action has been re-enforcing each of these lines (in algos and humans alike)

+

Closeup of the fibs shows relevance of each line as a separate but precise entity

Thus the battle continues, neither Fib has dominance yet.

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EuroMotif

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