ETH/USD update based on Elliott Waves
cryptocurrency·@srezz·
0.000 HBDETH/USD update based on Elliott Waves
My daily target of $350 remains unchanged for it is based on both, - the weekly and daily volatility and there are still chances that we will get there in a day or two. However, there are some signs that before we get there we may well have a decent pull back and here is why. 1). We got rejected at 0.618 retracement of the entire move from all time high of $415 to our recent low of $134, which is typical for the corrective waves "2" and "X"; 2). The blurred internal wave structure, as well as a relatively long extension of the last move up, is very typical to corrective waves"B" and "Y"; Based on the assumption that we have completed the major correction (wave II of (III) here is the big picture wave count. https://ibb.co/jVWNev https://image.ibb.co/hwC66a/3.png And a close up with targets of the pull back in wave (y) https://ibb.co/h3m5zv https://image.ibb.co/muFyKv/2.png Same thing with Fibonacci retracement levels and dates: https://ibb.co/gNxTKv https://image.ibb.co/kDRNev/1.png There's still a possibility that we have not completed the wave II of (III) which will be confirmed if the expected pull back goes beyond wave (y) targets.
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