Swordth
Short

Ethereum breaks support trendline & elliot wave failure

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Strong trendline support looks to have broken yesterday, and now we are fighting to get above it with conviction.

Chart was following a nice elliot wave sequence, but now wave 4 seems to have overlapped wave 1 (failed wave). I need to brush up more on EW analysis to further make sense of this.

Overall seems bearish .
The market could be bearish or it could be the crazy crypto dump yesterday due to the news about the South Korean markets. If BTC could stabilize for once and ETH can climb back into the channel then no harm done.
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i think your a--b is actually wave 1, your b--c is 2, your c--3 is 3, and we are still in 4---(5-maybe)
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@rmrezai, I want to second this idea.
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Swordth rmrezai
@rmrezai, In that case wave 4 is still overlapping wave 1. And then we have no ABC correction? Doesn't seem right either
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DrixlRey rmrezai
@rmrezai, Wave 3 has to be the largest wave, that's the rule of the Elliot Wave.
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