ETHEREUM - Clear Correction Completion 🤩
Updated
In Elliott Wave, the C wave usually has 5 waves which follow the impulse schematic, which is:
Wave 1 = 5 waves
Wave 2 = 3 waves
Wave 3 = 5 waves
Wave 4 = 5 waves
Wave 5 = 5 waves
We can see that we're on the 5th wave now. The 5th wave is also subdivided into 5 subwaves and we are currently seeing subwave 4. Expecting one final move down (subwave 5) to complete the overall bearish ABC correction.
In our last ETH analysis, we were expecting the subwave 3 drop and and subwave 4 correction. We can see that we're on the verge of dropping for the final time.
SHORT Trade Idea:
- Watch for break of the red ascending trendline to indicate the 5th subwave has started
- Stops above the recent highs once price breaks down
- Targets: 800, 700, actively manage the rest
The bigger trade would be buying Ethereum once we've completed this correction. Will keep you guys updated once this bear leg is over!
See below for our previous Ethereum anlysis.
Goodluck and as always, trade safe!
Wave 1 = 5 waves
Wave 2 = 3 waves
Wave 3 = 5 waves
Wave 4 = 5 waves
Wave 5 = 5 waves
We can see that we're on the 5th wave now. The 5th wave is also subdivided into 5 subwaves and we are currently seeing subwave 4. Expecting one final move down (subwave 5) to complete the overall bearish ABC correction.
In our last ETH analysis, we were expecting the subwave 3 drop and and subwave 4 correction. We can see that we're on the verge of dropping for the final time.
SHORT Trade Idea:
- Watch for break of the red ascending trendline to indicate the 5th subwave has started
- Stops above the recent highs once price breaks down
- Targets: 800, 700, actively manage the rest
The bigger trade would be buying Ethereum once we've completed this correction. Will keep you guys updated once this bear leg is over!
See below for our previous Ethereum anlysis.
Goodluck and as always, trade safe!
Note
8H Note
Typo. Wave 4 = 3 wavesFinal Shorts Active
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