Breaking new highs likely indicates that this is a wave 5 of the impulse out of the lows. As this still hasn't broken the all time highs of the previous bubble this impulse could be wave1 of a furthur impulse that takes out the all time highs
So this correction has been going for a while. Thinking this is the C of the Big Correction and the final C. Then ideally it will hit an impulse up.
Look for oversold in that region
Seems like this is still in correction mode. Would really have liked for that big correction to be wave 2 of a bull. But think its was simply an A Wave now. Thinking that it will do another small up before heading downwards hard
Thinking that roughly 5pm AEST on the 22nd of Feb will be the lowest point of Ethereum at approx 0.00870.
As the ending diagonal signals the exhaustion of the greater impulse down we should then see a break through of the 0.01136 resistance point
Don't think this will actually happen. Believe that the 5 already occurred but didnt hit 3 max. But if it does break the 127% point of that second bear impulse then Ill catch it down to 168%
If this correction breaks upwards & reaches 127% of the impulse occurred at 09.45 today then I believe it will hit 168%. Placed long on the 127% mark expiring @ 01.15 tomorrow (31-Jan-15)
