ETH Correction NOT OVER! Potential Target of $350!

We can see here a classic ZigZag ABC correction on ETH after 5 impulse waves (not shown). However, with wave C stopping short of the ideal target (550-750 with 350 possible in extreme cases!) we are witnessing a small X wave in the form of an expanding triangle before we continue down to our target. X waves are known to connect two correction patterns together when the first does not make it down to the expected target. We may see a second ABC ZigZag here (or another possible formation) that will bring us down to the desired targets of 350 or 550-750 (found using fib retracement levels).
評論: After hitting the top of the triangle and point E, we are now headed down!
評論: May have misjudged my "E" wave but idea is still VALID and confident we will see a drop SOON! Rising wedge on the hourly as well.

Updated with correct placement of "E" wave, rising wedge shown on hourly RSI as well. RSI turning over at this point would mean a quick drop downwards, which plays along with this idea.

The tipping point is near! The wedge on the hourly RSI doesn't have much room to run before a breakdown. Red candles have started to form on the hourly, a small sign of things to come. Strap in guys, the dip (and continuation of this major correction) is almost here!

And we are off! Rising wedge on hourly RSI has broken down and down we go!

Next steps: Now begins the second correction formation (most likely another ABC zigzag). This second correction formation will be followed by a reversal! Will update this idea soon with more precise locations that we can expect the end of this second correction wave (and beginning of reversal) to occur at.

As we can see from the chart, the bearish pennant that formed on the RSI and on the price chart showed us that it was inevitable that we would soon see a breakdown to continue our move lower. The breakdown has just occurred at time of posting this update. I have made a rough outline of our roadmap for the coming days with the idea that we will see a second zig zag (ABC) formation to complete this correction. Currently, this breakdown will be the beginning of wave 3 of 5 subwaves in the A wave of the ABC formation. Updates will be posted periodically and if the idea is negated by price action I will of course update the idea. Until then the idea is going along as planned, with the second wave of this correction well underway.
手動結束交易: At this point the second Zig Zag (ABC) pattern has been invalidated. The idea is closed here. Will post a new idea shortly. Possibilities from this point based on the charts and Elliott Wave theory:

1. A sideways correction pattern plays out within the next 36-48 hours (think consolidation) before the correction ends and we resume our journey to all time highs.

2. A sideways correction pattern plays out within the next 36-48 hours and is then followed by another small wave X and a third sideways correction pattern, before the correction ends and we resume our journey to all time highs.

Basically- more consolidation followed by the end of the correction and new all time highs. At this point I have begun scaling in with buys on ETH due to the limited forseeable downside and in anticipation of the eventual reversal.
Just like you said! it went straight up! Oh wait...
mhirani PRO Tdunlap1310
@Tdunlap1310, Lol give it a minute bro, I might have misjudge the E wave, looks like we just topped out and are headed down. Come back in an hour please :)
mhirani PRO Tdunlap1310
@Tdunlap1310, still with me? Check my latest update. No need for the sarcastic comments next time ;)
+1 回覆
@mhirani, Yep...Still waiting...
mhirani PRO Tdunlap1310
@Tdunlap1310, lolll do you not see the downtrend we are in now? What are you waiting for?
@mhirani, We have broken out of the downtrend. Look at the hourly or 4h or whatever you want.
mhirani PRO Tdunlap1310
@Tdunlap1310, Short term downtrend yes, longer term downtrend no. I have no problem listening to opposing viewpoints, just don't think there is a need for sarcasm :) My theory is only invalidated if we make a higher high (higher than the E wave), if not then as long as we keep making lower highs and lower lows my theory holds. So how about we come back to this a day from now and re-evaluate then? I have no problem admitting I am wrong if I am :)
"desired target of 350 or 550 - 750" is a big range bud! ;)
@Lanmar, I have 3 fib retracement levels- one around 550, one around 750, one around 350. My "desired" target is the lowest it can go so I can load up, that doesn't mean I am ignoring all 3 possibilities :) I currently have orders set between 550-750. No one can predict the market, I am just making people aware of the 3 most likely areas where we see a reversal in my opinion.
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