Anarchomania

PROBABLY TOPPING SOON FOLLOWED BY SIGNIFICANT CORRECTION.

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
260 19 4
The current trend seems to be forming an ending diagonal as wave 5 of 5 (V of one higher degree). If this is indeed the case, we should expect a correction, possibly quite deep. Targets to the downside would be 8.00, 6.50, 5.10, and possibly all the way to around 3.40. A subsequent bullish rally from any of these levels could indicate the completion of wave 2 of a higher degree of the trend.

Next higher degree of trend: https://www.tradingview.com/chart/8NmfP6Ri/
Comment: Move to alternate wave count (flat correction - short)
I can't see anything in this chart. Explain pls.
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The wave count proved incorrect.
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looks like the 4th wave completed, but I still don't know if this 5th wave is going to materialize...
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Anarchomania Cryptolicious
See alternate count -




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Cryptolicious Anarchomania
That's what I thought orginally, actually. But I was left scratching my head for a while because the B wave went really high...
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Anarchomania Cryptolicious
Normal in a flat...people sometimes call them 'double tops', although that's a loose term since a double top can be the result of an ending diagonal, a flat, or simply a truncated 5th (the latter normally following an extended 3rd and deep 4th).
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Anarchomania Anarchomania
But generally it's safer to assume a diagonal at first - since you'd be looking to get short at some point and assuming a flat first could get you short too soon and possibly stopped out...
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looks like the 4th wave completed, but I still don't know if this 5th wave is going to materialize...
Reply
looks like the 4th wave completed, but I still don't know if this 5th wave is going to materialize...
Reply
How high would wave 5 go?
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