ETHUSD - About to start Elliot Wave 5 downward towards $465
This is my first published analysis after spending some time learning about TA and charting. All signs on the ETHUSD point to a bearish continuation towards $465 in the next few weeks.
It is currently forming a triangle on the hourly chart with resistance at the 0.5 Fibonacci retracement level ($600). When it breaks out, I expect it to break downward towards $510 based on the weekly pivot point support before continuing the fall to $465.
I expect a strong wave of corrections upward at $465.
Let's see what happens!
It is currently forming a triangle on the hourly chart with resistance at the 0.5 Fibonacci retracement level ($600). When it breaks out, I expect it to break downward towards $510 based on the weekly pivot point support before continuing the fall to $465.
I expect a strong wave of corrections upward at $465.
Let's see what happens!
Comment:
EW5 came sooner than expected. ETH is currently testing the downward trendline support at $505. If the support can hold then we may see a bounce to $540. If not, then it's straight to $465.
Comment:
Edit for previous comment: EW5 may have started as the breakout of the consolidation triangle
Comment:
There could be a long scalping opportunity at ~$500 to ~$530 coming soon
4 hour chart:
Stoch and RSI are both oversold
Falling wedge formation (reversal pattern - becoming bullish)
There is a regular bullish divergence with lower lows being formed on the chart, and higher lows on the RSI
I am currently short from $527, but will be closing my position at the downward trending support line.
There could be a long scalping opportunity at ~$500 to ~$530 coming soon
4 hour chart:
Stoch and RSI are both oversold
Falling wedge formation (reversal pattern - becoming bullish)
There is a regular bullish divergence with lower lows being formed on the chart, and higher lows on the RSI
I am currently short from $527, but will be closing my position at the downward trending support line.