ETHUSDT.P Elliott wave correction? Potential 3000k?ETHUSDT.P daily timeframe prediction + description
1. **Elliott Wave Structure**:
- The chart illustrates a **5-wave impulse pattern** (labeled 1, 2, 3, 4, 5) marked with green lines. This pattern typically represents a strong directional move in the market, either up or down.
- Following the 5-wave impulse, there is a **3-wave corrective pattern** (labeled A, B, C) marked with red lines. This corrective pattern is a common structure where the market retraces a portion of the previous impulse move.
2. **Fibonacci Extension Levels**:
- The chart has two key Fibonacci levels highlighted: **0.618** and **0.5**.
- The **0.618 to 0.5 Fibonacci extension level** is located from around 2560 to around 2458.
3. **Equilibrium and Take Profit (TP)**:
- An "Equilibrium" level is marked on the chart, representing a significant horizontal price level where the market might find balance.
- A "75% TP" level is indicated at 2819.17, which is a suggested price target where a trader might take profit on their position.
4. **Price Action**:
- The current market price is shown between the labeled points A, B, and C, with the red lines connecting these points indicating the ongoing ABC corrective wave.
### Prediction (ABC Correction):
The Idea is predicting that the market is currently in an **ABC corrective phase** following a significant 5-wave impulse move downwards. Here’s the detailed description:
1. **Wave A** represents the first corrective move upward after the 5-wave downward impulse.
2. **Wave B** is the subsequent move downward, representing a partial retracement of Wave A.
3. **Wave C** is the final move in the correction, expected to move upward again and typically reaching or slightly exceeding the end of Wave A.
### Specific Prediction Based on the Chart:
- The prediction indicates that the price will likely continue upward from the current level, aiming to complete the **C wave** of the ABC correction.
- **Wave C** is expected to reach around the **0.618 Fibonacci extension level**, which is marked as a significant resistance point.
- Once Wave C is completed, this could signify the end of the correction phase and potentially the resumption of the previous trend (either continuing downwards or reversing to the upside, depending on broader market conditions).
This type of analysis is used by traders to anticipate market movements and make informed decisions on entering or exiting positions based on the likelihood of these patterns playing out as predicted.
the last TP: 3011
entry: 2550
SL: 2367
A slight pullback might be expected before wave C and notice that this might not be in the next few days or weeks, the date is not fixed.
