ETH short-term downside target
Thanks for viewing,
Been a while without posting about crypto. I'm just watching ETH for a re-entry point.
I was actually thinking to re-enter today but will be watching for a while. The wave labelled (A) I believe is quite clear, meets all EW impulse wave rules and guidelines, I'm a little less sure about the three week correction since 5th of Sept. There may be some upside left in the next week, but after that I see more down-side - to around the $214 level. This is just based on a general view that corrections normally are comprised of an ABC or three wave correction. The 3rd wave can be deeper or shallower than the 1st.
I expect this correction to be a simple / sharp correction based off the guideline of alternation and also based on the sharp price correction so far. I have not yet formed a view on if ETH will set a new 2020 high or not. But ETH / BTC and silver seem to be correlated quite closely in the charts this year, if this continues I would expect new 2020 highs are in the pipeline - as this is what I expect from both gold and silver. The correction could be complete of course, the past 21-22 days of price action doesn't fit my expectation of a short and sharp correction.
ETH could form a base over the next few days and push higher. But, I expect if downside eventuates, it will be a greater % change down than is left on the upside. It is partly a risk reward call.
Been a while without posting about crypto. I'm just watching ETH for a re-entry point.
I was actually thinking to re-enter today but will be watching for a while. The wave labelled (A) I believe is quite clear, meets all EW impulse wave rules and guidelines, I'm a little less sure about the three week correction since 5th of Sept. There may be some upside left in the next week, but after that I see more down-side - to around the $214 level. This is just based on a general view that corrections normally are comprised of an ABC or three wave correction. The 3rd wave can be deeper or shallower than the 1st.
I expect this correction to be a simple / sharp correction based off the guideline of alternation and also based on the sharp price correction so far. I have not yet formed a view on if ETH will set a new 2020 high or not. But ETH / BTC and silver seem to be correlated quite closely in the charts this year, if this continues I would expect new 2020 highs are in the pipeline - as this is what I expect from both gold and silver. The correction could be complete of course, the past 21-22 days of price action doesn't fit my expectation of a short and sharp correction.
ETH could form a base over the next few days and push higher. But, I expect if downside eventuates, it will be a greater % change down than is left on the upside. It is partly a risk reward call.
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