For ETHUSD we seem to be in a corrective phase after a 5 Wave move to the upside. The 5 wave move to the upside could be considered the Wave 1 in the Grand Major Timeframe. As of now we are in the midst of completing Wave 2 which seems to be unfolding as a FLAT Corrective Structure. To those that arent aware a FLAT Corrective Structure is usually in a 3-3-5 Wave Form. As for the Flat here, we seem to have completed its Minor A Leg (3 Waves) and Minor Leg B (3 Waves) and now looking to complete its Minor Leg C (5 Waves) which will unfold in a 5 wave pattern
As mentioned we are currently in the Minor Leg C of the Flat Structure which is unfolding in a 5 wave down movement. Within that Minor Leg C we are currently completing our 3rd Wave. Within that 3rd Wave we seem to be towards the end of it. We seem to be in the 5th Wave of the 3rd Wave. After the next push down we may see a slight retracement up for Wave 4 before another push down for Wave 5 to totally complete the Flat Corrective Structure for the Major Wave 2. The end of Minor Leg C usually exceeds the start of Minor Leg A. Therefore i expect price to close below current support levels before actually getting on to the BULLISH TREND again.
I will be shorting this market until the flat structure is complete. However its only for short to medium term. My long term plan is still Bullish for ETH and BTC.
As mentioned we are currently in the Minor Leg C of the Flat Structure which is unfolding in a 5 wave down movement. Within that Minor Leg C we are currently completing our 3rd Wave. Within that 3rd Wave we seem to be towards the end of it. We seem to be in the 5th Wave of the 3rd Wave. After the next push down we may see a slight retracement up for Wave 4 before another push down for Wave 5 to totally complete the Flat Corrective Structure for the Major Wave 2. The end of Minor Leg C usually exceeds the start of Minor Leg A. Therefore i expect price to close below current support levels before actually getting on to the BULLISH TREND again.
I will be shorting this market until the flat structure is complete. However its only for short to medium term. My long term plan is still Bullish for ETH and BTC.