ETHEREUM Has Turned Into A WXY and this is what it means... Welcome to NewWave Traders
Here you will find that I use Elliott Wave as my main pattern identification system, however I pair it up with 3 other components to create the NewWave System that allows me to navigate the market the same way, thus providing consistency in my trading results, confidence in my execution and makes trading much more enjoyable and reliable.
Follow my trade ideas and I'll be keeping them updated weekly every Monday for #BTC and #ETH and Every Friday for #Altcoins.
Today's chart is on Ethereum. It was climbing impulsively, but the last leg it printed with a hard rejected made a 7 swing pattern shifting it to a wxy as the top no longer qualifies for being an expanded B wave. The rejection was hard enough to be seen as impulsive, which places high probability on it being the first wave of a larger pattern.
As such, I'm looking for a larger B wave rally to show bullish strength as we can then consolidate sideways with higher probability vs. A shallow rally that gets rejected under the .618 fib retracement and the red supply block which then places more weight on the impulse down printing.
As of this analysis I think the green ABC will be the one to play out, but the inflection point between the 2 counts is still a bit away and we'll know more on the retracement in the short term.
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