Deep Correction Before Long-term Climb
It appears we have completed 2 Elliot Wave levels: wave v of a larger degree wave 5, and the larger degree wave 5.
Elliot Wave Theory forecasts that our current subdegree wave v should end around $94 (1.618 extension of wave i) which was right on the money. And the larger degree wave 5 should end also around $94 (1.618 extension of wave 1). Also right on the money. That’s rare to have such an accurate double prediction. Of course, hindsight is 20-20.
As can be seen with the current price action, we require a correction before beginning the larger degree wave III, which could eventually take us over $200 in the coming months. But first we will need to correct for the abc wave down to wave 4 correction levels (as low as $38) or the wave iv correction ($58). This area seems to be the target correction zone for beginning wave III ($38-$58).
Be careful not to get caught in the bull trap as we advance from the end of corrective wave a ($76) upwards to the end of corrective wave b ($85) and then back down to the target zone ($38-$58).
It’s very interesting that a very similar but even more compelling wave structure (completion of 3 Elliot Waves instead of 2) has formed in ETHUSDT. Check out my other chart to see those details.
Not advice, but just sharing ideas.
Elliot Wave Theory forecasts that our current subdegree wave v should end around $94 (1.618 extension of wave i) which was right on the money. And the larger degree wave 5 should end also around $94 (1.618 extension of wave 1). Also right on the money. That’s rare to have such an accurate double prediction. Of course, hindsight is 20-20.
As can be seen with the current price action, we require a correction before beginning the larger degree wave III, which could eventually take us over $200 in the coming months. But first we will need to correct for the abc wave down to wave 4 correction levels (as low as $38) or the wave iv correction ($58). This area seems to be the target correction zone for beginning wave III ($38-$58).
Be careful not to get caught in the bull trap as we advance from the end of corrective wave a ($76) upwards to the end of corrective wave b ($85) and then back down to the target zone ($38-$58).
It’s very interesting that a very similar but even more compelling wave structure (completion of 3 Elliot Waves instead of 2) has formed in ETHUSDT. Check out my other chart to see those details.
Not advice, but just sharing ideas.
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