vanpunk

ethereum wave count for last few days

COINBASE:ETHUSD   Ethereum / U.S. Dollar
on a shorter timeframe view, I'm fairly certain that starting on sep 30th is an impulse 5 wave of which we are currently reaching the bottom of the 3rd..
If this is true, then the # 4 wave cannot go above and cross the # 1, thus can't go above 223.5 abouts. thus the orange range, an approximation of the area where the 4th wave should end up. even if the 3rd wave isn't finished yet, that orange range remains about the same just maybe a lil wider, but still cant go above 223.5.
it looks that the 4th will go through oct 4th and 5th or so. then the 5th wave will go lower to re-test supports in low 200s or so, maybe even lower but who knows.
if the pattern still confirms then its a good opportunity for a quick long up the 4th wave if/when, or shorts on the 5th if/when, i'm pretty sure we're nearing the end of the drops completing the 3rd wave right now so i'm holding off on more shorts for now and watching it play out.
Comment: i probably should have cleaned up the chart a bit before posting, some of those lines are out of context, and nevermind those numbers in grey, they're irrelevant as well, haha. if it wasn't too late to edit, i would
Comment: pretty sure its confirming and that the 4th wave is an ascending triangle
Comment: likely the top of the 4th wave is in, any higher the pattern invalidates.

Comment: it appears the 4th wave finished sooner than expected. i believe we're beginning the 5th wave downward now. just as i'd thought, the price did not go above 223.5 and peaked around 223.0, so it did not invalidate.


Comment: should note that the ascending wedge for # 4 could also constitute a bear flag, which further emphasizes the 5th down wave
Comment: well it turned out eventually that i was wrong.. i did manage to ride a short before it invalidated so i got lucky there at least.. oh well im learning