Possible Minor Correction | Things to Look Out For

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
On a 45 min chart, the fib retracement levels for wave (4) are shown in case the triangle pattern continues. (Note that the previous wave (2) correction retraced to the 0.786 fib level).

  • watch for a crossover with the 8,13,21,55 EMAs for a bearish signal
  • watch the MACD for a bounce (for a bearish signal) or a crossover (for a bullish one)
  • watch the RSI for a bounce (for a bearish signal) or a breakout (for a bullish one)

Once this possible correction is complete (above the wave (3) low, then we might get to see a 5th impulse wave.

(This is just an idea, not financial advice.)
Comment: On the 30 min chart, we see a throwover happen before we possibly head further downwards.

- Still, keep an eye out for a crossover with the 8,13,21,55 EMAs for a bearish signal.
- The MACD is showing bearish signal.
- The RSI is showing a bearish pattern.

Comment: ABC correction subwave c has been confirmed and is currently active! Now watching for potential reversals near the provided fib levels.
Comment: Wave (4) low has formed. Impulse wave appears to have already commenced, with the first two or maybe thre, sub-waves completed. Target fib extensions are shown in the chart below.
Comment: An bullish scenario for if we remain above the wave (4) low where an impulse failure is accounted for (WXY double correction pattern) with a double bottom, is shown in the graph below:
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