ETH Very Long Term - Currently Short - Large ZigZagHi guys,
After having a lot of time to think about ETH (years)... I think I finally have come up with a long term idea for it that I really like.
I think that ETH is not currently impulsive (like all of crypto, it is just corrective waves). I think we are now in Wave-C of Wave-B, which will be a major short, possibly all the way down to the 61.8% retracement of A at $10 (it also lines up with the control line on the volume profile for all of ETH right now, and the channel there will meet up with that retracement at AB(of Wave-B) time =C.
Overall, I think ETH is a ZigZag, and the larger Wave-C, when it happens, will be massively bullish. But for now and the foreseeable future, we have Wave-C of Wave-B to contend with, and it will be very bearish. KRAKEN:ETHUSD
I can't give a real reason as of yet why we will be so bearish, but it probably is a crypto wide event. Maybe ETH 2.0 won't be all it's supposed to be and have issues... maybe the global economy will crash crypto... maybe there will be a war... any number of reasons could potentially cause crypto to crash (or at the very least ETH) and so I am just laying it out from a TA perspective, without reasons why for the waves are the way they are.
Not trading advice, but I'm pretty proud of this one, haha. Let me know your thoughts... I expect to get quite a lot of resistance to this idea because it is pretty hard to believe how bearish it could really go, but I don't mind hearing that side of things either.
