ETHUSD afternoon update
I think bulls should be a little concerned about yesterday's price action. A complete impulse from high of 3974.38 down to 3427.51 would have made for a nice expanded flat. However, price broke the low of 3427.51 down to 3362.91 before forming an impulse up to today's high.
It's certainly possible that yesterday's low at 3362.91 was the completion of the expanded flat, but the other possibility is that the impulse completed today could be the C of a smaller expanded flat, in which case I'd be looking for a sharp move down below 3362.91 to form a wave 3.
Regardless, bulls need consolidative price action and for low of 3362.91 to hold.
It's certainly possible that yesterday's low at 3362.91 was the completion of the expanded flat, but the other possibility is that the impulse completed today could be the C of a smaller expanded flat, in which case I'd be looking for a sharp move down below 3362.91 to form a wave 3.
Regardless, bulls need consolidative price action and for low of 3362.91 to hold.
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