ETH/USD: A global bearish zigzag on Ethereum1. The main idea is a global zigzag {a}-{b}-{c} to the downside.
2. Wave {a} can be counted as a double zigzag WXY, but I don’t want to do that.
3. However, I still want to break this move down into a leading diagonal triangle (LDT), which is what I’m showing on the chart.
4. Locally, there is no clear strength, and the price action looks corrective.
5. So it’s crucial to know whether wave {b} is complete, as this move may develop into a more complex correction.
6. If wave {b} is complete, we may already be seeing the development of wave (iii) of {c} on the local scale.
7. The downside move could extend for a minimum of two more months toward the lower channel boundary.
8. If wave {b} becomes more complex, we may still see its full development into another corrective pattern, followed by the advance of wave {c}.
9. The basic targets of the decline are the 0.618 and 1 Fibonacci levels. For now, I don’t want to include the 1.618 Fibonacci level on the chart.
10. There’s a strong chance that in the future the price could reach the range between $2,033 and $1,141.
