josque

Long Story Short (Part 2)

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Hello to all crypto enthusiast, we are standing in a very interesting time in the crypto sphere, I'll try to make this idea as simple as I can, even if you are not familiar. with Elliot wave theory, you can get here a nice amount of information about it.

I will start with a disclaimer, It is important to me to clarify that my analysis are not a recommendation of any kind, this is only my idea and you should do your own research!

Collecting data:

Facts -
1) our WXYXZ correction structure is over, you can see my analysis about it at 'Long Story Sort' part1 and in the video I made 'The Similarities ETH vs BTC'.
2) An impulse wave is following a correction structure, it starts at 17.12.2018 and ends in 01.07.2019
3) our last correction is in a flat correction wave count.

Flat corrections - (regular, running, expanded)
Flat correction is made of (3,3,5) counting, correction wave are noted as ABC , the first wave (A) is made of 3 smaller degree waves, the second wave (B) is made of 3 waves as well and the third wave (C) is made of 5 smaller degree waves, that's why the (3,3,5).

Regular Flat Correction - when wave (B) doesn't cross up wave (A) top and wave (C) is equal in length to wave A, you can measure that with fib ext
Running Flat Correction - wave (B) cross up wave (A) top by 1.238% fib ext and wave (C) just above the end of wave (A)
Expanded Flat Correction - when wave (B) cross the starting point of wave (A) by 1.238-1.382 fib ext and wave (C) moving beyond the ending point of wave (A) by 1.618 and sometimes even to 2.618 of fib ext

Analysis:

I will divide my analysis into 2 frameworks, the first is the color of the rectangles and the second is the color of the wave lines.

Lines explanation-
Black line - showing us the whole move of wave 2, the intermediate degree ABC
Red line - presenting the Minor degree, which follows the one smaller degree of the intermediate and reveals the structure of each intermediate (black) wave
Blue line - under bracks the structure of the minor (Red) and reveals what it made of

Rectangles explanation-
Red - framing the first correction A
Yellow - divides the B correction to two halves, the first is about the expanded flat correction
Green - the second half of the B wave

Black line - the wave line is presenting the big picture, In my analysis, I choose to present a situation which the big move will be a regular flat correction , this desition made because the rule in EWT that says that wave number 2 will retrace 61.8% out of the first wave and as we can see for now, the bulls fight to keep those price level.
with all that been said, the prices still can go to 88.6% and the analysis will be still valid.
So if we understand that wave (A Black) is the beginning point of a regular flat and we know that in regular flat the length of wave A,B and C is approximately equal, so by measuring wave (A black) we can get to 355$ at the top of wave (B black) which eventually will lead us to the last target of wave (C black) to the same price level at the bottom of our current correction.

Red line, red rectangle - this is genesis, which leads me to the conclusion that we are in the middle of a bigger correction, as you can see, the red line in the red zone in for ABC , but if you will take a closer look at the structure it self (blue line) you will find the structure of it is (3,3,5) flat correction structure.
At the beginning of zone yellow, you will notice an uprise move to 230$ and then a crash to 160$, if the crash wasn't crossing down the support line of the uprising move we could conclude it is an impulse wave. but it crossed it down, and so it lets us understand the correction has not been finished yet.

Blue line, yellow zone -
By EWT definition of expanded flat, we can understand we are looking at one in the border between the red and the yellow zone.

Yellow line, green zone - the rest of the analysis from here is a bit hard to determine due to insufficient data, it is not a simple task to understand properly the structure of the chart when we have only the EWT guidelines, but still I drew them just to represent the sentiment it will may go.

I really hope I made it not to complex to follow and to understand, after all, it is a bit complex subject to understand and a bit complex idea, but... If you have any question regarding this or any other idea of mine, you are more than welcome to hit me up in the comments and I'll do my best to answer when it is possible ;)


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