An extended correction wave implies an opportunistic trading strategy by high volume investors. Perhaps Bulls and Bears and stretching this ordinarily brief ABC wave by waging a war?
The price action today was a war of attrition, breaking and hovering over resistance zones for hours on end; important support zones were establish and then broken several times over.
- Around seven times (that I saw personally) ETHUSD broke 1780 only to be dropped through with seller momentum.
- It seems the bulls and the bears see an opportunity to create momentum for an impluse wave up or down respectively. Noting the long downward wicks, it seems sellers tried earnestly to push the market lower.
- However, it seems the sellers are out of steam. The Battle at 1780 has been won, and Sellers used a helluva lot of ammunition in the process.
That is, however just technical analysis.