Macro Topping Structure For Ethereum Starting To Unfold
hey everyone,
A 2nd bearish divergence has printed a strong TP for Ethereum at this current high. In 2 days we get a weekly candle close and if it's a bearish engulfing that will create added pressure for the bulls as bears will be more enticed to bring price lower.
In cohesion with the Elliott Wave count on ETH we can see this as a valid 5th wave double top pattern.
The question for the correction we just started is this...
Is it a wave 2 for continued upside and we can treat this like the start of the 5th to take us to 10-13k
OR
Are we about to correct this entire structure that the 5th wave is ending, which means consolidation of a 4th wave between 4k and 1,800 or will we sweep the lows towards 1,300 to 1k.
I shared a video tutorial on y.t. for eth that walks through the 4hr and daily tf to give justification that this first drop we just had likely needs another leg to it, this is my bias.
Bulls will need to make this an abc zigzag and bears will likely want to make it impulsive.
For me, this signals is a weekly take profit signal following the NewWave System as weekly tf corrections can be quite drastic.
For me, Elliott Wave allows me to see ALL the ways the market can move (some of which I don't show in this chart) so that I can have a plan of action if the market moves against my bias and I can react intelligently and emotionlessly.
IF you're interested in seeing the market this way and desire a low-risk systematic way of trading that generates consistency then checkout my signature links below.
Let me know in the comments which count you're bias to?
A 2nd bearish divergence has printed a strong TP for Ethereum at this current high. In 2 days we get a weekly candle close and if it's a bearish engulfing that will create added pressure for the bulls as bears will be more enticed to bring price lower.
In cohesion with the Elliott Wave count on ETH we can see this as a valid 5th wave double top pattern.
The question for the correction we just started is this...
Is it a wave 2 for continued upside and we can treat this like the start of the 5th to take us to 10-13k
OR
Are we about to correct this entire structure that the 5th wave is ending, which means consolidation of a 4th wave between 4k and 1,800 or will we sweep the lows towards 1,300 to 1k.
I shared a video tutorial on y.t. for eth that walks through the 4hr and daily tf to give justification that this first drop we just had likely needs another leg to it, this is my bias.
Bulls will need to make this an abc zigzag and bears will likely want to make it impulsive.
For me, this signals is a weekly take profit signal following the NewWave System as weekly tf corrections can be quite drastic.
For me, Elliott Wave allows me to see ALL the ways the market can move (some of which I don't show in this chart) so that I can have a plan of action if the market moves against my bias and I can react intelligently and emotionlessly.
IF you're interested in seeing the market this way and desire a low-risk systematic way of trading that generates consistency then checkout my signature links below.
Let me know in the comments which count you're bias to?
Comment:
This was pretty on point. We got confirmation of the white 5th wave and red abc to follow. Any time we have 5 waves it can always be the end or the start of something. the wave 1 shows how we get extended legs and its important to understand how they form so you can react accordingly as extended waves move pretty far and can be difficult to catch without just fomoing into it. I've created another thread with ETH on it and I'll be updated that one moving forward.
