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.
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 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
.
Note
125 pretty important per fibs and psych number. .
Note
122 looks imminent per this micro-fib Note
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 .
Note
ETH short term fib of bounce And there's our Confluence of 3's
138 gonna be a tough nut to crack ....
.
Note
Confined still by the Congruence of 3 .
Note
And thus the power of a "Confluence of 2" Zoomed in we see the continued struggle between green and red fibs for dominance
.
Note
Still trapped by the synchronous Fibs but with an IMPORTANT development: 135.7x-137.7x will be very important going forward +
Closeup of the fibs shows relevance of each line as a separate but precise entity
.
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the Trading View is my Nation
the Moderator Tag is my Flag
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the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
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.