Since my last analysis about Ethereum it has left the "well defined negative trend channel".
With this change the last corrective wave was finished and ETH entered the first motive wave. This led us to prices above 530$.
At this point I wasn´t sure if wave 1 had it end and where wave 2 could have its.
Today I think we´ve already seen a small wave 2 and ETH is within wave 3.
In the EW-theory wave 3 hans´t to be the shortest one. Comparing the actual movement with those in the past I ´ve analysed that wave 3 could lead us to ~ 720$ (fib retracement).
Indicators: positive
Stop:
If ETH falls back under the support at 519$ / and or the last minimum at 501$ it wouldn´t be in the third wave and this analysis would be false.
With this change the last corrective wave was finished and ETH entered the first motive wave. This led us to prices above 530$.
At this point I wasn´t sure if wave 1 had it end and where wave 2 could have its.
Today I think we´ve already seen a small wave 2 and ETH is within wave 3.
In the EW-theory wave 3 hans´t to be the shortest one. Comparing the actual movement with those in the past I ´ve analysed that wave 3 could lead us to ~ 720$ (fib retracement).
Indicators: positive
Stop:
If ETH falls back under the support at 519$ / and or the last minimum at 501$ it wouldn´t be in the third wave and this analysis would be false.
Trade active:
possible correction
Trade active:
Trade active:
wave 4 finished? and now entering wave 5?
Stop when breaking support at fib retracement 23.6% (560$)
Stop when breaking support at fib retracement 23.6% (560$)
Trade active:
still on the way up
Trade active:
Trade active:
it took more time than I´ve expected but now ETH has left the trend channel to the top and this marks the entering in the final wave 5
this could lead to fib retracement 61.8% (800$)
there we find strong resistance and I would take some profit
this could lead to fib retracement 61.8% (800$)
there we find strong resistance and I would take some profit
Comment:
nevertheless: you do your trades on your own risk!!
Trade active:
Caution: Ethereum in profit-take zone
Comment:
Trade active:
Comment:
If ETH ends its motive wave 5 in the mentioned zone and doesn´t climb even higher - then a corrective abcde which could take the half way down of the previous upway could follow - this is very hypothetical and I would wait until we see the new direction of ETH
The correction could take place above the fib retracement (50%) at 620$ and as the 50%-fib is not so strong even prices below are possible.
If this had been the wave 3 and we´re already in wave 4 then the wave 5 will be a very short one. In this case the turning point of w4 could be the fib retracement at 560$.