Elliottwaveidea
🚀Ethereum: the long-term setup FOR BUY is not ready yet ... ⏳●● Mine scenario
● 1D
Most likely, the primary wave ((4)) forms a Contracting Triangle , in which the growth is subwave (B) in the form of a double zigzag W-X-Y. Further, i expect decline by the subwave (C) . The targets for wave (B) of ((4)) can be the level 790 , where there is a cluster of Fibonacci levels and extensions.
● 6h
The growth from the top of the triangle ((b)) goes in a form of zigzags , which means that there is a probability of transformation of the wave ((c)) to the Ending Diagonal.
●● Alt. scenario
● 6h
As part of the local alternative, I assume that the diagonal ((c)) of Y is already completed. I think this count is less likely, but if the lower boundary of the ascending channel and the top of ((b)) — bear lvl are broken, this scenario will become the main one.
The wave marking in the double circle parenthesis corresponds to the green marking in the circle on the chart.
Bitcoin Weekly UpdateHello Traders, welcome to this week’s analysis on bitcoin. I hope you are all doing great
From our last analysis, we expected some retracements for wave W, which we got and I labelled wave X, having a closer look on the smaller timeframe, the corrective structure looks like a zig zag, with 5 waves down in W and 3 waves up in X, in theory we should label WXY as ABC, but I kept it as WXY to remove a bit of speculation in case there’s a change in trend.
Zigzag is the easiest type of correction to trade. Very similar with the motive phase with a 5,3,5 ABC structure. It’s a very common pattern to see in waves 2, 4 and B with 2 major rules:
Wave B(X in this case) must end below the starting point of wave A(which I labelled W)
Wave C(which I call Y) must break below the ending point of of wave A(which I called W).
So, what do we expect from here?
We expect btc to make a continuation to the downside to complete the corrective structure. The 16k region is a crucial point to watch. If it breaks, that will make more room for downward movement and 14k could easily come in place.
Trade setup: taking a short position from mid 18k and riding the wave down, target profit will be between 16k to 14k region. I’ll be updating the post as we move.
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Ride the wave and stay profitable
Have a wonderful week.
I’ll see you all shortly
Thank you
Namaste! Traders.
Nueel_classic.
"GBPAUD" SSELL Setupwe are looking for this pair to complete bearish correction before we go long on it.
