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dalmazio
Sep 7, 2017 1:42 AM

Correction of First Elliot Wave of New Cycle Short

Ethereum / Tether USDPoloniex

Description


It appears a triangle has formed, with strong momentum divergence. This in conjunction with completion of the fifth wave of the higher degree Wave ((i)) suggests we have commenced the Wave ((i)) correction (first wave) of the new cycle. This should take us down to the 0.5 x Wave ((i)) area ($304) or the 0.618 x Wave ((i)) area ($295).

Additionally, the ABC correction wave, as a guideline, usually corrects to the Wave (iv) area of the smaller degree wave ($313).

Target: $295-$313

Comment

Udjusted targets and clearer chart:

Comment

Update considering extended sideways correction:

Comments
ilia19
Please update. So today 7 sept under 300?
dalmazio
@ilia19, difficult to say for sure. That's why I provide a target price range of $295 to $313. You will need to look for bullish reversal signals somewhere in that range for buy signals.
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