TradingView
Enno
Apr 7, 2020 12:44 PM

ETH/USD - 07-04-2020 - Bear count Short

Ether / United States DollarCoinbase

Description

In this count, I've assumed we have just finished wave 1 and are currently in wave 2.
Main motivations for wave 1.:
1. extended impulse wave 3
2. alternative waves 2 and 4 (in time)

Main motivations for wave 2:
1. Lot's of price overlap and three waves structures, which indicates a correction is happening.
2. Price is increasing, but volume is declining.


I don't think this wave 2 is finished yet, because of the following observations:

1. Price didn't retrace yet to 61.8% (but it's close).



Currently we are in wave 5 of wave C. But difficult to tell if wave 5 is already finished.

More