Target 2: $575.01 (Wave C length equaling 100% of Wave A)
Also note we have a rising wedge on the hourly RSI which should breakdown in a few hours and lead to the next leg down in price. From there we should see a relatively quick drop to our targets.
Everything going according to plan! At this rate we should hit $420 within 14 hours. Please note, $420 is the absolute lowest target and there are no guarantees we get there, although it is a very real possibility. There is a chance we stop at the $575 target. The $820 target is almost guaranteed at this point.
"WORST CASE SCENARIO TARGET: $420, this would be if Wave C extended 123% of Wave A. Its not common, but not impossible either."
It now seems as if we may actually get to this target.
We did not see enough buyers rush in at our second target. Volume was high, but not high enough, and RSI seems to be rejecting backtests of key support levels on the hourly and four hourly charts. This leads be to believe the big boys have not stepped in yet and are waiting for lower.
This scenario also means that my sub-wave count from previous updates was wrong. As that subwave count was based on my first two targets, it is no longer valid if we are heading to the lowest target.
According to the new subwave count, we are currently in wave 4 of 5, which is causing this little spike upwards we are now seeing. Wave 5 should begin after this which will take us towards our lowest target. Keep in mind, it is very hard to target the market bottom, so I would not recommend setting all orders as low as $420. Scale in. There is some resistance at mid $500 levels, so that is where I will be placing the majority of my orders.
From where we are now, we see a last and final push upwards to over $900 for ETH, and this will be followed by a drop that will take us to the lows we have been waiting for (and an end to the correction). I will show you all just how I came to this conclusion when I get some time to post a new idea. In the meantime, here is a chart showing where I am getting the $900+ target from. We are about to break out of a consolidating symmetrical triangle, and this measured move lines up with the uptrend channel above us (in blue) that we fell out of earlier and have been trying to get back into. My prediction is we fail to take it back, and this starts the plummet that will take us to our lowest target.