With an updated wave count and using Fibonacci my next logical price target is around $790 which would be the 2.618 fib region indicating an extended wave 3. IF we reach these levels I expect a significant correction to around 630-670. This is based off of the rules of elliott waves stating that if wave 2 has a shallow sideways retrace then expect a sharp and large wave 4 correction. All the indicators are showing overbought right now but just need a small corrective phase to reset a little before continuing the climb up. Im keeping a close eye on this right now as its been a long run almost straight up and will need to correct sometime soon, possibly before the 2.618 region. Thanks for viewing and remember this is just my OPINION on what i think eth will do but no guaranties. Crypto is crazy after all haha
Comment:
So looks like we didnt make the 2.618 region but we have now corrected off of wave 3 to the .5 fib region and have given the chance to reset the rsi here so im looking for a little more sideways and possibly down movement before we start wave 5
Trade closed: target reached:
little heavier correction than anticipated but hit our target of 790 on the money!!