There's a lot of ETH reversal talk. However, in terms of Elliott Waves, a reversal would imply the beginning of wave III of (III), - the most explosive thrust up with a clear 5 wave internal structure. And that is what I have difficulty with. Even if ETH goes up to $360-380 (which is quite possible given the velocity of the first leg up and provided it will close above $355 on the daily basis), but without a clear 5 wave internal structure, it is still going to be wave B wich will be followed by a down move in wave C, but with much higher downfall targets than presented below.
https://www.mql5.com/en/charts/7372830/ethusd-d1-distel-enterprises-co
If the high of the last move up stays unchallenged though, then the wave B of II is complete and based on this view here is the likely wave count and its targets of the Wave C of II. Personally, I'm leaning to 2 Fibonacci congestion zones:
1). @$81 - 83
2). @$47 - 50
https://ibb.co/g03bjk
https://ibb.co/cTWqS5
Finally, by implication there's the 3d scenario, - that is the market goes up and eventually produces 5 waves internal structure. If this is to happen then the low of correction is already in and presented wave count is invalid.
PS. All targets are based on the xBTCe data feed. More liquid exchanges will have them $7-15 higher.
