Hi guys, decided to do extensive correction analysis on ETH/USD, my count leads me to believe we are at worst in the ending diagonal of an impulse wave down (iv). This could possibly will lead down to the major support formed by the 0.618 fib and 200 MA which should produce a nice bounce starting off wave 1 in a larger Elliot wave cycle. This by my count forms an irregular flat but there is the possibility that we have finished a regular flat ABC correction which is my bull scenario.
To support this bull scenario we can clearly see that in the past ETH/USD shows strong support at the 0.5 fib in fact it hasn't touched it yet. If we get a higher low on the RSI I believe that this scenario could be the correct one and if it is I will be very bullish on ETH long term. My bear scenario as stated, if BTC/USD hasn't found its bottom yet, I believe we can expect this support on the 0.5 fib to breakdown leading down to where you see on the chart which I think is a good bottom for ETH/USD. I do believe BTC/USD hasn't found its bottom yet which is why the bear scenario is my primary count and the one you see in the chart. Even if ETH/USD finds my bear target it has still held the most resilient in this bear market
Let me know what you guys think, there are endless ways to count correction waves, interested to see other ones. Regardless I think we will find strong support in ETH/USD sooner rather than later.
*This is not financial advice and is for educational purposes only.*
To support this bull scenario we can clearly see that in the past ETH/USD shows strong support at the 0.5 fib in fact it hasn't touched it yet. If we get a higher low on the RSI I believe that this scenario could be the correct one and if it is I will be very bullish on ETH long term. My bear scenario as stated, if BTC/USD hasn't found its bottom yet, I believe we can expect this support on the 0.5 fib to breakdown leading down to where you see on the chart which I think is a good bottom for ETH/USD. I do believe BTC/USD hasn't found its bottom yet which is why the bear scenario is my primary count and the one you see in the chart. Even if ETH/USD finds my bear target it has still held the most resilient in this bear market
Let me know what you guys think, there are endless ways to count correction waves, interested to see other ones. Regardless I think we will find strong support in ETH/USD sooner rather than later.
*This is not financial advice and is for educational purposes only.*
交易進行:
Major support broken my bear scenario validated, long positions could be made near my next highlighted major support hypothetically even though this is for educational purposes only.
交易進行:
Bounced right of my target zone we are not out of the woods but a very good sign, happy trading I mean education.
