This count is possible a bullish scenario for Ethereum.
We have an upward impulse that can be A or 1 and now we probably have a complex WXY correction and not a zigzag as I had previously anticipated.
If so, we should be in a triangle-type corrective wave at this moment, which could be the B wave from the ABC that forms the Y wave.
This triangle could also be a wave 4 from a wave C of a zigzag type correction, but it still seems too big for a wave 4 compared to wave 2, but nothing is excluded.
This triangle is not complete yet and I'm waiting to see how it ends. It is possible that we are in wave D at this moment which should end in the trend line that starts from the origin of the triangle and joins the end of wave B of the triangle and from here wave E of the triangle should follow.
This wave C from wave Y so that we can consider it complete and to maintain this bullish count should end in 0.618 fib extension A vs C which favors a landing at the bottom of the channel and at the same time here we would have 0.764 fib retracement from wave A or 1 higher degree which has its start on June 18. We could also have divergence on the RSI at the end of the Y wave.
It is possible to trade short after the end of the dream and the breaking of the BD trend line formed by the triangle but since I will see more price action I am neutral.
I will update this account, so if you like my analysis, subscribe and press the like button. Thank you and good luck!
We have an upward impulse that can be A or 1 and now we probably have a complex WXY correction and not a zigzag as I had previously anticipated.
If so, we should be in a triangle-type corrective wave at this moment, which could be the B wave from the ABC that forms the Y wave.
This triangle could also be a wave 4 from a wave C of a zigzag type correction, but it still seems too big for a wave 4 compared to wave 2, but nothing is excluded.
This triangle is not complete yet and I'm waiting to see how it ends. It is possible that we are in wave D at this moment which should end in the trend line that starts from the origin of the triangle and joins the end of wave B of the triangle and from here wave E of the triangle should follow.
This wave C from wave Y so that we can consider it complete and to maintain this bullish count should end in 0.618 fib extension A vs C which favors a landing at the bottom of the channel and at the same time here we would have 0.764 fib retracement from wave A or 1 higher degree which has its start on June 18. We could also have divergence on the RSI at the end of the Y wave.
It is possible to trade short after the end of the dream and the breaking of the BD trend line formed by the triangle but since I will see more price action I am neutral.
I will update this account, so if you like my analysis, subscribe and press the like button. Thank you and good luck!