I have outlines two possibilities for Ethereum.
On the left is a simple correction, that should top out at a max aprx $189.00
A price over $260 would invalidate this idea.
Keep in mind, that this current area of $147~ is a resistance zone and may be the top of this correction.
On the right is a complex correction that could top out at around $650.00
One more leg down for Amazon.
This will complete the correction to .382 of wave 4 to wave 5 top at 2050.
Expecting either down from this area, or to touch upper trend line of the expanding triangle then head down.
Target at aprx 1K.
Ethereum is doomed to keep falling.
The question is: Where is the next top?
Luckily Ethereum has a fairly predictable pattern to show us the way.
Below i have listed the resistance zones in order of most likely to least likely be the next top.
These are in order of most likely to least likely.
$147: Previous top resistance.
$169: Fib resistance. (.618)
Using wave theory to complete a wave cycle this seems to be the most likely scenario.
Ethereum currently has no fundamentals or use case to back it's price.
Perhaps either of those two things could help Ethereum recover, but until that point in time I can see ETH at $12, or ever under $1.
Expecting Eth to hit a high of either $169 or $189, before...
Amazon Price structure guess.
This should complete the wave count to 61.8% retrace on Amazon to 1K.
I have the 61.8% retrace at about $975, but 1K should be a psychological support and makes more sense to stop just above.
Looks like we're stuck between two possible patterns.
My outlook is that a break over 4.2K Will complete the IHS and should bring us to 5.23K.
Strong fib confluence at 5.23K is show as:
.618 of the large swing & is the same fib as 1.886 of the 3.1K to 4.2K swing.
A break under 3.5K should have us zigzag down to about 2.45K.
1.618 of 3.1K...
I'm seeing a full elliot wave pattern on the inverted USDT chart.
This could mean a few things.
1. USDT may be falling apart.
We have a clear accumulation pattern, but in this case it's actually dumping of USDT.
It's possible that this will accelerate downwards and USDT may become worthless.
2. USDT may start another bubble in cryptocurrencies.
Just some XRP FUD. :p
I actually have no idea how this will play out, but this would make sense with the current wave structure.
Don't trade based on this, i haven't put in nearly enough effort to come up with good targets anyways.
Elliott wave theory shows us return to wave 1 support after completing a 5 wave pattern.
This suggests we return to support at aprx. 1.2K USD.
This also line up with the 2.618 Fib for wave 3 on the final "c" waves.
That being said, BTC will not just dump to 1.2K, it will have bounces on the way down, i just haven't included those in this chart.
Original Chart was 3 min time frame, but i can't post less than 15 to show wave count. sorry!
We're on wave 2 currently.
Possible top targets are 6.4K, 6.6K, 6.75K
I don't see us making it past much 6.8K
Expecting us to bounce from 5.1-5.3K for an ABC retrace back to 6.4K range before continuing onto 4K.
Targets will be changed as we move along the wave...