By analogy with BTC, Ethereum is also forming a flat as an ABC (subminuette degree), but unlike BTC it possibly is going to produce an expanding ending diagonal as a wave C.
Elliott Wave principle says that ending diagonal has 5 major waves each of which has to be a corrective ABC as sub waves.
On the chart you can see that 3 waves (micro degree) are already formed, and we are in a 4th wave now.
I expect 4th micro wave to be a zigzag with the support zone around 1700-1600, but don't get tricked after the leg A, it's going move up B and then devastating leg C.
Good luck to everyone, bears and bulls!
Elliott Wave principle says that ending diagonal has 5 major waves each of which has to be a corrective ABC as sub waves.
On the chart you can see that 3 waves (micro degree) are already formed, and we are in a 4th wave now.
I expect 4th micro wave to be a zigzag with the support zone around 1700-1600, but don't get tricked after the leg A, it's going move up B and then devastating leg C.
Good luck to everyone, bears and bulls!
Comment:
Wave A happens to be more violent than I expected, still looking for support and reversal to a wave B.
Trade active:
The uptrend now can be a B wave of a correction ABC of 4th wave or it can be 5th wave. Let's give it some time and see the structure. I went long at 1.6k
Trade closed: stop reached:
Not going to happen because btc crossed invalidation point. Shorts must prevail from now on