Some interesting patterns have formed in the daily chart for Ethereum. This chart shows how cycles and patterns repeat as fractals.
With our Elliott Wave numbering, we have completed wave 1 of a higher order wave (1) again of a higher order wave I. You can also see the symmetry of the corrections, where each subsequent correction is a smaller version of the previous one, due to the lower order degree of the corrections.
You can also see some patterns in the daily RSI. Where each bull/bear cycle is a smaller version of the previous one, which makes sense since each cycle is a lower order degree cycle of the previous one.
This is considerably easier to see right now, because we are in the first wave of each successive higher order wave, and the RSI's for each of the 3 waves appears side-by-side. Once we start moving into wave 3 and 5, of the different degree waves, these patterns and cycles will be much harder to see, but they will still be there.
I’m sure there are more Fibonacci-related patterns in the various relationship between these time frames. But I’ve only located one: the ratio of bull to bear for each subsequent lower degree wave: rounding/truncating gives approximately
Wave I/II: 27 weeks / 5 weeks ≈ 5
Wave (1)/(2): 7 weeks / 2 weeks ≈ 3
Wave 1/2: 4 weeks / 1.5+ weeks ≈ 2
Which you can see in the Fibonacci series: 0, 1, 1, 2, 3, 5, 8, …
This chart lends additional support for the idea that we are presently in an ABC correction, and that we are therefore looking at a completed correction somewhere in the $235-$258 range.
Also, note, a double-bottom has formed. IF we break the $318 level, then it is more likely that we will be first heading up to retest the $350 level, before continuing down to the target area.
Target: $235-$258
With our Elliott Wave numbering, we have completed wave 1 of a higher order wave (1) again of a higher order wave I. You can also see the symmetry of the corrections, where each subsequent correction is a smaller version of the previous one, due to the lower order degree of the corrections.
You can also see some patterns in the daily RSI. Where each bull/bear cycle is a smaller version of the previous one, which makes sense since each cycle is a lower order degree cycle of the previous one.
This is considerably easier to see right now, because we are in the first wave of each successive higher order wave, and the RSI's for each of the 3 waves appears side-by-side. Once we start moving into wave 3 and 5, of the different degree waves, these patterns and cycles will be much harder to see, but they will still be there.
I’m sure there are more Fibonacci-related patterns in the various relationship between these time frames. But I’ve only located one: the ratio of bull to bear for each subsequent lower degree wave: rounding/truncating gives approximately
Wave I/II: 27 weeks / 5 weeks ≈ 5
Wave (1)/(2): 7 weeks / 2 weeks ≈ 3
Wave 1/2: 4 weeks / 1.5+ weeks ≈ 2
Which you can see in the Fibonacci series: 0, 1, 1, 2, 3, 5, 8, …
This chart lends additional support for the idea that we are presently in an ABC correction, and that we are therefore looking at a completed correction somewhere in the $235-$258 range.
Also, note, a double-bottom has formed. IF we break the $318 level, then it is more likely that we will be first heading up to retest the $350 level, before continuing down to the target area.
Target: $235-$258