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ETHUSD - Market overview...

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETHUSD             is still developing corrective 2nd wave structure...We have 2 potential H&S and iH&S pattern formations.

Bullish iH&S (red) with right shoulder around 750-700$ and bearish one (blue) with potential right shoulder ~880$.

Maximum target profit for bearish H&S goes exactly to the recent low around 570$. In my opinion technically we should see at least retest of recent lows in coming days/weeks. I see potential extension of this corrective structure toward 420-440$ where goes the alltime trendline and 0.706retr of whole upward swing.

Recent upward movement was clear 3-3-5 ( ABC ) correction marked as X wave. With that in mind we should develop Y wave of WXY correction, and that would end 2nd wave corrective structure.

Trade responsibly.

Thankyou for you insight. My count is as yours but I hadn't considered an extended WXY. I was only expecting this to be wave 2 of a new impulse cycle.
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