nahidik

ETHEUR Similar but different

KRAKEN:ETHEUR   ETHEUR
263 0 6
Two very similar impulses here with slight variations probably because no real baseline for the first impulse.
Both had short 1st waves small 2nd wave retracements an long 3rd waves. Classic 1-2-3-4-5 patterns most likely but I don't want to get into the intricacies of counting all the sub-waves.
Also each had a small LTF correction above the 1st correction. So this may be the 4th wave of the current impulse. Compare the 4th wave of the 1st impulse and you will see a strong bear candle followed by a hammer . Compare the second waves and you will see 10 hour corrections. If the second impulse copies the first we will see a 5th wave to about the 15.40 area. Followed by a larger correction.
Another possibility is the forming of a large flat. If price moves down to break the green trend line without moving above the 1st impulse by 5% look for a retest down to "B" before another push up.
We must be wary of the gray shaded area as the current impulse may not be copying the first and is a simple A-B-C subwave of "C"
Comment: Important support area.
snapshot
Comment: Trade following the script very well. Price has exceeded the AB=CD tower. We are hitting a daily pattern line and nearing the 1.618 extension. All this is indicating a possible reversal now. watch for selling opportunities on lower time frames.
Divergence on the MACD is suggesting this structure will end as an ABC. However there is no internal divergence which could suggest a pull back towards the upper green trend line and another thrust up.
Keep in mind this could be the end of the "C" wave and a larger correction or trend reversal to below the lower green trend line will occur.
snapshot
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