Been waiting... waitng... waiting for a chance to get back long on eth because the next bull run should be huge.
However looking at the elliot count it is hard to come up with a way to justify any kind of long position until probably around the $125 level.
This is because if you take the recent 5 wave impulse from 350 to 200 as a wave 1 of a larger 5 wave move then all your fibs end up projecting very low into the price action.
It's possible that we're in some kind of sideways or descending triangle but it needs a lot more price action to show the structure of what the triangle looks like.
So until it shows some kind of clear 3-3-3 sideways triangle pattern that you can use to justify the bounds of a range, I'm going to assume that it is an impulse headed for $125 or lower.
I don't really want to short eth directly because I think long term is it's going to be the most important crypto. Instead I'll use this to gauge when alts are weak and will short alts that really have no long term future when it looks like BTC and eth are about to make a turn south.
I've marked out an example of a 3-3-3 triangle in which it would build a point of control around $200.
If it does that then a move north might be in the cards without having to test into the deeper price areas.
In any case there really isn't a bullish elliot count that I can see on this yet
However looking at the elliot count it is hard to come up with a way to justify any kind of long position until probably around the $125 level.
This is because if you take the recent 5 wave impulse from 350 to 200 as a wave 1 of a larger 5 wave move then all your fibs end up projecting very low into the price action.
It's possible that we're in some kind of sideways or descending triangle but it needs a lot more price action to show the structure of what the triangle looks like.
So until it shows some kind of clear 3-3-3 sideways triangle pattern that you can use to justify the bounds of a range, I'm going to assume that it is an impulse headed for $125 or lower.
I don't really want to short eth directly because I think long term is it's going to be the most important crypto. Instead I'll use this to gauge when alts are weak and will short alts that really have no long term future when it looks like BTC and eth are about to make a turn south.
I've marked out an example of a 3-3-3 triangle in which it would build a point of control around $200.
If it does that then a move north might be in the cards without having to test into the deeper price areas.
In any case there really isn't a bullish elliot count that I can see on this yet