gmgame

ETH, An overly optimistic Wolfe Wave scenario

Long
COINBASE:ETHUSD   Ethereum / U.S. Dollar
I like Wolfe waves . They are simple and dramatic, easy to understand and have a cool name. More importantly, If this is playing out as intended, it means big things will happen for ETH.

Given the recent debacle and price debauchery, we could fantasy a scenario in which ETH has way more upside than downside. To support it, we can see a bullish div forming, and oversold indicators across timeframes.

Yes this is a crazily optimistic idea and potentially very foolish to think ETH can head back up to ATH that quickly. Let's see how this plays out
Comment: The Strong bounce plays in favor of our fantasy scenario.
Couple more arguments to support the major uptrend theory:

* BTC is now readjusting from the first round of major dump. With the "positive" segwit2x news, we can expect an overall bull week

* ETH has been favored by the bears. It's a perfect short squeeze candidate.

A more conservative target would be somewhere in the $250 range
Comment: ETH is doing great and has been following the expected trendline like a champion. It is hitting now a bit of resistance and would probably benefit from a little bit of consolidation.

The Ethereum Alliance news is big (https://entethalliance.org/enterprise-et...) and reinforces my belief in the pattern hitting high targets.

Onwards!
Comment: $250 - Conservative target reached

ETh is taking a breath and is gathering its strength for the next round. A probably retrace to $190-$200 wouldn't be surprising, but it is also possible it will hover in the 225 range in side moves...

Next target is $275-$300
Trade closed: target reached: An update way overdue, but better late than never... Took longer that expected but target was reached, $20 shy before pullback. After that small consolidation it was on and beyond. What a ride it's been.

Comments

lol
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Oh, how I love Fibonacci, resting perfectly on your early 2017 1.618 measurement.

Keep up the good work of late.
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gmgame jackdavidpiney
@jackdavidpiney, haha thanks. Fibonacci is magic :)
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@gmgame, It really is.
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big target, i like it
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this is crypto! anything can happen!
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it's a simple AB=CD SINE-WAVE not a Wolf Wave but I agree with the pattern - get ready for the snap back after this is done testing $140-150.
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gmgame ScottCarney
@ScottCarney, hi Scott, glad you agree. What makes you say it wouldn't constitute a Wolfe Wave?
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Not until the crypto market stabalizes. Eth isn't immune. Wish it was
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