madwarrior

madwarrior

With the double three correction complete, ETHUSD could be starting a motive wave. There is a potential impulse wave 3 currently in progress. Wave 3 has already broke above the wave 1 high and has also hit a 1:1 extension of wave 1. Wave 3 will be invalidated if ETHUSD goes below the wave 2 low. However, if ETHUSD drops below the 404 level, it could mean the...

madwarrior Updated 

Here we have a possible Elliott Wave count on the 4h chart where ETH is currently in the C wave of an ongoing ABC correction. ETH going above the swing high from wave 5 (830 level) or the even 725 level might confirm the end of the correction and the start of a new impulse wave. Fib extension levels of wave A are shown by the dark orange levels. Fib retracement...

madwarrior

If wave (iv) only retraces up to the 23.60% fib retracement level, then the impulse wave (v) could come next. Support levels for the possible wave (v), wave 5, and wave (C) are shown by the labeled fib extensions. Bigger picture here: The fib extensions for the possible wave (v) are only viable if wave (iv) doesn't retrace more than the 23.60% retracement...

madwarrior

ETH is possibly on the 5th sub-wave (in red) of the 5th impulse wave down (in grey). Note that the position of the ends of the 5th waves are arbitrary. It resembles the previous correction shown on the chart (in grey). The previous wave 5 reached the 1:1 fib extension level. Sub-wave 5 is currently being offered some support from the 0.5 fib extension level. If...

madwarrior Updated 

This is an update for my previous post here: In case wave (2) has been completed and has since moved on to wave (3), here are some areas of resistance for the potential impulse wave. If BTC goes below the 7720 levels, then consider that wave (2) has not fully completed yet or that there is an impulse wave failure. A bearish scenario also remains if BTC goes...

madwarrior Updated 

A reversal for the wave (2) correction could happen inside the indicated area in a bullish case. The trend-line and fib levels are labeled on the chart. The possible bearish scenario would be if BTC retraces 100% of wave (1), going below the 7240 level. Even more bearish if BTC falls below the wave ((1)) low. Keep in mind that any other scenario not mentioned...

madwarrior

Waves ((1)) and ((2)) (green circle) have completed according to this wave-count. Wave ((3)), an impulse wave, may soon follow. An up-trend is likely if we manage to stay above the wave ((1)) low. Fibonacci extension levels of wave ((1)) reveals areas of resistance on the way up. Note that the third wave is usually the longest and never the shortest in a...

madwarrior

It's hard to tell at the moment if the wave 4 correction has finished or not, but it appears to have completed a complex horizontal wave correction (descending triangle), reaching around the .382 fib retracement level, whereas the wave 2 correction has reached the .618 fib retracement level as a simpler ABC correction (which both works out according to the...

madwarrior Updated 

This EW count suggests a possible sub-wave iv bounce before possibly heading down on sub-wave v to complete the 5-3-5 ABC correction of the larger degree. As long as we stay above the wave (1) low, there may be an uptrend following this correction. However, if we retrace below this level then this would signal the continuation of the bearish trend. Fibonacci...

madwarrior Updated 

On a 45 min chart, the fib retracement levels for wave (4) are shown in case the triangle pattern continues. (Note that the previous wave (2) correction retraced to the 0.786 fib level). Suggestions: watch for a crossover with the 8,13,21,55 EMAs for a bearish signal watch the MACD for a bounce (for a bearish signal) or a crossover (for a bullish one) ...

madwarrior Updated 

We might have an impulse wave forming here, where waves (1) and (2) have been completed. Wave (2) correction has bounced off the "golden pocket" fib retracement, where a long position is entered. Strategy: Buy the correction wave (2) low, and ride wave (3) to about a 1:1 fib extension of wave (1). Once target has been met, a trailing stop loss may allow larger...

madwarrior Updated 

There is a possible impulse wave in progress. The 21 EMA is approaching a crossover with the 55 EMA. Let's see if price pierces the 100 EMA, which will become a support if successful. Strategy: Buy breakout of wave (1), then ride wave (3). Once target has been reached, a trailing stop loss may provide greater returns. Long position details: Time-frame - 10...

madwarrior Updated 

ETH is currently undergoing wave 4 (correction) that was expected in my previous post. Following this correction, there is a possibility for a 3rd actionary wave (impulse sub-wave 5), which might encounter heavy resistance from the long-term downtrend. The correction is likely complete above the 910 support level (marked by the olive line, 0.5 fib), which is...

madwarrior

The larger degree uptrend has already completed wave 1 (impulse in lime green) and wave 2 (ABC correction in red). Soon, we will have wave 3 (the current impulse) complete, which might follow up with a correction (wave 4). If ETH successfully completes wave 3 and then wave 4, we might see a final impulse (wave 5) which will face strong resistance from the downtrend line.

madwarrior Updated 

ETH has completed a 5 impulse wave and is now currently developing in a possible "double threes" Elliott Wave corrective pattern, consisting of a flat (abc), a 3 wave (zigzag) reactionary, and a (apparently rare) expanding horizontal corrective wave. If we see a successfull completion of this correction by remaining above 900 levels, then we can expect another 5...

madwarrior Updated 

The b wave (apart of the ABC correction in the white lines) appears to be topping near 9000 before either breaking through resistance or moving on to the c wave of the correction. Following the c wave, we might see a bounce at around 7750, a support level formed earlier by the low from the impulse sub-wave iv. Failing to bounce before this level will expose lower...

madwarrior Updated 

We have a plausible wave count that shows signs of a possible completion of the larger degree correction, and sub-waves 1 and 2 of a larger degree impulse wave. The sub-waves consist of an impulse wave and a horizontal correction (triangle pattern). We are currently inside an impulse wave, shown in the light gray, where the wave count is not confirmed yet....

madwarrior

The b wave apart of the ABC correction has formed a horizontal triangle, signalling the transition to the final c wave since horizontal triangles always appear in the position prior to the final move of the pattern. Wave b appears to be nearing it's top around the 880 level, while the indicators are also showing bearish divergence. But we must not negate the...