What up traders!!! Now I know a lot of you guys don't follow Elliot Wave or rather just trade with moving averages, support and resistance and price action.
I have heard Ethereum is going into the $160's or I've heard "I wont go long until I know the bottom is in! In case you guys didn't know, this digital asset
went from dollars to $1400 at one time. It also retraced over 2 years down to $80 fucking dollars. That's like $95% people. Then we went to the .382 fib level to tee at $362.
$362 was in the area of wave 4 on our way down from $1400. Now follow me people, these are Elliot Wave rules. Then we went down to $117 which was a retracement down
to about the .886 which is normal on a wave 2 according to Elliot wave on a trend reversal. You see, initial wave 2's always retrace the deepest on a trend reversal. If you look at
the daily chart from Ethereum's existence you will notice this. Now i just noticed something that makes me wonder. We just found support at the bottom of our previous wave 4.
I also noticed that we had 5 clean waves up. I also noticed that we retraced to .382 from our swing low of $117 to our swing high of $288. In bull trends wave 2's always retrace to the
bottom of wave 4 of a smaller degree from the previous wave up. Volume picked up tremendously at this point as well. So my analysis, is that we are about to start wave 3.
My reason's.....Elliot Wave theory says so. If I'm right, then maybe you guys should read an Elliot Wave book or take the time to learn it. If I'm wrong, than Oh well, I went long at $211
and I'm in huge profits right now!! You won't see me crying. On my previous analysis I called a possible ABCDE pattern that did not play out. That's OK though!! I was out of the game at $274
and was looking for a bounce at $242 which was where my pitchfork line was . "Look at my previous analysis and you will see where I was going with this". When we crushed through my pitchfork line
like butter I stayed on the sidelines. It was at that point that I knew we were going to the bottom of wave 4. It was a vicious selloff, cutting through all supports. It is at this point, that I watched
volume closely. I then took a shot at $220 and then again at $210. If we break $232 with conviction, I strongly believe my analysis is correct and we will all be in for a ride. SO HOLD ON!! Later traders!!!