After finishing the small abc correction which brought the price from 980 to around 910, and also establishing the 4th leg of the higher degree 5 wave, we've started the final 5th wave, and are currently in the 1st wave of its subdivision, and the 3rd of the 1st's subdivision. It just so happens however, that the wave is already coming very close to the strong resistance downtrend line from the all time high some time ago, and to add to the mix, the timing of which coincides with the truncation limit for the 5th wave. with those converging factors, I think the 5th wave could truncate. If bull pressure isn't forceful enough to push price over the resistance. But we'll see. Maybe it'll be strong enough. A truncation is a strong bear signal, so it's a good idea to pay close attention to whether it can cross the truncation line or not, and can cross the downtrend resistance line or not. The orange box above shows the area to watch, and see what eth does when it gets in that range, it'l be the difference of whether to stay long a bit longer and let the 5th wave finish, or to go short sooner and catch the reversal if it truncates.. It's soon to tell, we won't know for sure for another day or two, but the chance is worth noting i think.
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also forgot to mention, that the truncation limit and the downtrend resistance Also coincide with the approximate peak of the #1 subwave (in red) and its #2 correction.. So that's 3 factors converging, not just the two mentioned above.
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ladies and gentlemen we have a 5th wave failure!! a truncation in effect!
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I've already scalped the fuck outa this. bout to do more lol.. but anyways yea.. it truncated, its bearish now.. currently its in a triangle before it goes lower.. 5th wave is dead officially, and now it's doing an abc correction for the full upward swing that started on the 6th of this month. i don't have an estimate, it's already gone lower
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btw, seeing predictions pan out feels really fuckin good.. lol
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please excuse my obscene ramblings last night... I was pretty drunk and celebrating a bit.. interwebs aren't good for me while drinking haha.
Amazing work identifying the leading diagonal. It was troubling me over what that pattern could be for all day!
vanpunk
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@madwarrior, Thanks! yea it definitely had me scratching my head too, It wasn't obvious at first.. I noticed it when i saw the RSI and the Chaikin both showed triangles, the pattern was obvious on those.
vanpunk
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@vanpunk, So in the future if there's confusion like that again about what we're looking at, I'd say check any of the momentum indicators, like rsi or chaikin and others.. If there is a triangular squeeze, usually its visible in the momentum indicators Before its visible on candlestick.