If $1200 is the end of it's 5th leg, ETH has an ABC inbound...
Apart from $1200 being insane for an asset that was only $10.55 exactly a year ago, it looks to me as if Ethereum has finished a 12345 sequence, and should be heading for an ABC correction. Other than the wave theory, the ever decreasing bull volume, a looming BTC reversal, and 1d tweezer tops at the $1200 fib is more than enough for me to justify the stance.
My correction targets are determined using (1), (4), and neighboring fibs. While I don't see it dropping below (4), I still added the (1) target just as a possibility.
Of course, this analysis depends on $1200 being the end of the 5th leg, if it continues mooning beyond $1200, I will have to reconfigure my points and targets to compensate.
My correction targets are determined using (1), (4), and neighboring fibs. While I don't see it dropping below (4), I still added the (1) target just as a possibility.
Of course, this analysis depends on $1200 being the end of the 5th leg, if it continues mooning beyond $1200, I will have to reconfigure my points and targets to compensate.
Comment:
Looks like (5) is going to be higher, I don't really trade Ethereum but once it starts ABC I probably re-chart to find a short play.
Comment:
Note to self, don't attempt to "call" tops. And the fibs don't help see current support and resistances.
