SUI Cup & Handle formation!!!Consider the following narative, what currently looks like the completion of wave 5 after hitting $4.27 and now retracing to around $4.00, is actually a short pause or consolidation within a larger wave 5.
In Elliott Wave theory, waves occur in fractals, meaning:
A smaller 5-wave move (e.g., on a 1H chart) can be part of a larger Wave 3 or 5 on a higher timeframe (e.g., daily).
What looks like the “end” of Wave 5 may actually be the end of only a minor subwave within a much larger Wave 5.
Shown here is the 12 hour time frame and the Y-axis of the chart is set to logrithmic.
There is a cup and handle formation forming, and the current price range of $4.00 to $4.27 is actually the little pause... just like there was a little pause in the middle of wave 3.
This means we likely have more runnway to move further up to surpase $5.00.
On Monday morning the 12th of May, when the CME opens, and everyone's short on ETH gets liquidated there will be a huge jolt to the market.
Also... if certain members of the U.S. political narative get their act together and pass the stable bill reform on Monday, the crypto market will be doing a happy dance.
HOWEVER... if we fail to hold $3.90, then the move down will likely be near the $3.50 range that many people are predicting and that will be the handle of a larger cup & handle. If we hold above $3.90 then the bottom of wave 4 was the handle.
