SUMMARY
Is Ethereum (ETH) correcting? Yes. Is it pleasant? Corrections are healthy! The below chart shows tha the minor correction is still progressing and the ABC waves are shown. Price has started to move sideways, so that could introduce additional price patterns not yet shown. The MACD should continue dipping into the C wave.
The broader picture shows that five distinct waves can be labeled and the ABC correction is shown to reach 0.5 Fib retracement. Can it go further than that? Yes, to 0.78.
However, the big picture is where the focus should be. The below shows how the five white impuls waves are subwaves to a higher degree of trend purple wave 1. Currently, purple wave 2 is in progress. What comes after 2? Wave 3 and that should give some fireworks!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
