1D quick update massive resistance for Eth/usd
It's time to he an ethereum bear with multiple areas of confluence.
We have a massive downtrend line approaching (blue line)
Our elliot wave structure is almost complete (yellow waves)
I also show the sub waves of the 5th elliot wave (in blue)
We are approaching the 89% fibonacci level. A key algorithmic zone
We have a channel that is likely to be broken with a higher probability to the downside.
The green boxes are possible profit taking zones
We have a massive downtrend line approaching (blue line)
Our elliot wave structure is almost complete (yellow waves)
I also show the sub waves of the 5th elliot wave (in blue)
We are approaching the 89% fibonacci level. A key algorithmic zone
We have a channel that is likely to be broken with a higher probability to the downside.
The green boxes are possible profit taking zones
Comment:
I show the 100 moving average resistance lining up with the other confluence factors
The elliot wave count in pink, I was not able to count that as a valid 5 wave impulse. In fact the only valid count I could get was a corrective 3 wave pattern with an extended 5th wave. If anyone has an elliot wave theory that works please share. This means we will break below the previous swing low on the weekly.