Cheap Ethereum? Elliott says its possible

Before you jump on me for being a bear, I am not. I am a chartist and a realist. I am simply bringing you what I see. I am not trading with you, I am charting with you. This is for educational purposes only.

I like Elliott wave, working on that CEWA Level 1. Here is ONE of the possible counts for ETH right now - Theres also a bull argument.

I am thinking we could be witnessing an expanded flat, or a running flat (depending on if/where wave Y will end).

Running flat says we could end anywhere around .618-1.0 of wave W.

Expanded flat says we could end anywhere around 1.0-1.618 of wave W.

Theres a lot of work to do to make this happen, but I will leave you with this; what happened in 2017 during the BTC top? The answer: CME BTC Futures. What just came out today? CME ETH Futures.

Comment:

Expanded flat is on the table still. That is the exact kind of reaction we would want to see as we pushed the invalidation zone.

Double top could be possible here on an exhaustion push back up.

A new ATH is certainly possible as well, unlike bitcoin, ETH has not broken major price structure yet. Bitcoin, has broken major price structure. But BTC currently runs this market sentiment, is the flippening ahead?.. Maybe your answer lies in the ETH/BTC charts.. ;)

Comment:

This is exactly the price action we would want to see right before we reached an invalidation of this expanded flat.

The expanded flat correction is still on the table and is the preferred count.

I have adjusted the blue retracements to the exact top now that we can say a short term top has been put in place.

There is still a lot of work to do to the downside to reach the final targets of a wave of this degree. There will be many sub waves and counter trend bounces. I will update this thread on occasion.