I have been following ETH to see how it reacted in response to Bitcoin's correction cycle prior to posting this update. I have looked at several different Elliott wave charts and many of them are showing we have completed the correction and are headed higher from here. I'm not so sure about this. Please note I am not a EW expert by any means, many are better at labeling waves and corrections then I will ever be, but I do like trends, and trends are no more than patterns whether in nature or markets. So I want to add that this is only my opinion, you need to do your homework and not take this as gospel. With that said on to the chart.
We are in the final stages of the midterm correction cycle. I have seen various TA calling for many different paths, some showing the correction has completed and it's headed up from here. I labeled that on the chart as "maybe" and a break out above $313 would make me rework my chart and provide confirmation my chart is not correct . Some have completely different correction models, and whether they are right or wrong is insignificant, we have to think for ourselves. So why am choosing a separate path? At this stage it appears Bitcoin has become the compass for many other coins. Now EW does not take this into account but allows for it in our thinking and how we apply it. In other words EW is never wrong in hindsight, we are just looking for the highest probable outcome for the future. In reviewing several different counts from various TA, I think we may be setting up to see one.
My logic.
I definitely see bitcoin in a 2 cycle correction for which we are still in the B wave. When I compare the movements for Bitcoin and Etherium I notice a similar pattern. They are so similar that I have trouble not accounting for a second correction in Etherium if bitcoin has one yet to come. What I am saying is I think we must take into account at this time that Etherium has been following Bitcoin's lead since the major correction started. Many do not have wave (5) where I have wave 5 and have counted that as wave 1 in a new cycle. But These two are so linked that it defies logic that both impulse cycles ended separately. Hence following this logic, I have an alternate count. A path less Chosen so to speak. What I like about this is most other analysts do not see it this way and that's where if we are diligent and see the different possibilities we have an advantage. Especially if it moves the way we anticipate it to, and they are scrambling to redo their charts (time advantage us).
The Chart.
If the two still correlate over the entire correction I get a bottom around $153. However there is equal possibility that it only bottoms at $188-200 range in line with (W). There is also the possibility that we only get to $232, which would be the most bullish call. You could definitely see a move to $293 before this happens, so be careful of the bull trap as many are bullish and could push it to $300 in the midterm. Confirmation that we are incorrect in our account would be if it breaches $313 as this would invalidate our count.
This is not a buy or sell trade. We need more information. If your adding for the long term there is no reason you cannot add here or at $232 or anything below $200. But I would be doing 1/4 positions if it were me. If you are short term there are other trades setups that are more likely and offer a higher probable path. But if I were a gambling man, my money would be on a further pullback in line with bitcoin.
Please do your homework before making trades. This is not as cut and clean of a path as one might think. The reason I think we will most likely hit $153 is because so many are missing it which will cause a selloff till they realize what is happening. The money is to be made in the Path Less Chosen and we will not be blinded and are prepared for the multiple probable outcome. We have a plan where others have only one.
Have a Blessed Sunday my Friends!!
We are in the final stages of the midterm correction cycle. I have seen various TA calling for many different paths, some showing the correction has completed and it's headed up from here. I labeled that on the chart as "maybe" and a break out above $313 would make me rework my chart and provide confirmation my chart is not correct . Some have completely different correction models, and whether they are right or wrong is insignificant, we have to think for ourselves. So why am choosing a separate path? At this stage it appears Bitcoin has become the compass for many other coins. Now EW does not take this into account but allows for it in our thinking and how we apply it. In other words EW is never wrong in hindsight, we are just looking for the highest probable outcome for the future. In reviewing several different counts from various TA, I think we may be setting up to see one.
My logic.
I definitely see bitcoin in a 2 cycle correction for which we are still in the B wave. When I compare the movements for Bitcoin and Etherium I notice a similar pattern. They are so similar that I have trouble not accounting for a second correction in Etherium if bitcoin has one yet to come. What I am saying is I think we must take into account at this time that Etherium has been following Bitcoin's lead since the major correction started. Many do not have wave (5) where I have wave 5 and have counted that as wave 1 in a new cycle. But These two are so linked that it defies logic that both impulse cycles ended separately. Hence following this logic, I have an alternate count. A path less Chosen so to speak. What I like about this is most other analysts do not see it this way and that's where if we are diligent and see the different possibilities we have an advantage. Especially if it moves the way we anticipate it to, and they are scrambling to redo their charts (time advantage us).
The Chart.
If the two still correlate over the entire correction I get a bottom around $153. However there is equal possibility that it only bottoms at $188-200 range in line with (W). There is also the possibility that we only get to $232, which would be the most bullish call. You could definitely see a move to $293 before this happens, so be careful of the bull trap as many are bullish and could push it to $300 in the midterm. Confirmation that we are incorrect in our account would be if it breaches $313 as this would invalidate our count.
This is not a buy or sell trade. We need more information. If your adding for the long term there is no reason you cannot add here or at $232 or anything below $200. But I would be doing 1/4 positions if it were me. If you are short term there are other trades setups that are more likely and offer a higher probable path. But if I were a gambling man, my money would be on a further pullback in line with bitcoin.
Please do your homework before making trades. This is not as cut and clean of a path as one might think. The reason I think we will most likely hit $153 is because so many are missing it which will cause a selloff till they realize what is happening. The money is to be made in the Path Less Chosen and we will not be blinded and are prepared for the multiple probable outcome. We have a plan where others have only one.
Have a Blessed Sunday my Friends!!
Comment:
X should be at the $293 mark, it gets crowded moving them around. Sorry!
Comment:
A few comparisons FYI
Comment:
I apologize if I have not responded, I believe I had been in a thread where someone posted something inappropriate, and I am under moderation. This is the 2nd time it has happened, I'm not sure why but they will hopefully have it corrected in the morning.
thanks
thanks
Comment:
This is very interesting I must say. We had a confirmation of a new bull cycle for ETH at $313. It failed right at $313, what is very interesting is our target price for BTC of $4200 failed as well. Not only that they did it on the same day This is validating our thesis that a greater market pullback is very much in play and whether or not it happens You should have a plan in place. I didn't pull these numbers out of the thin air. This wasn't a lucky guess. This is how market sentiment is predictable using Trend EW and Fibb. Is it right all the time? NO but it's right more often than not!