From the high of the previous impulse wave at $10,000. Price action has since broken down into five waves, with sub-waves complying to EW.
In EW the only correction in which wave A breaks down into five sub-waves is a zigzag.
Wave A of the zigzag has completed and now wave B is in play.
My current perspective for wave B is that it will break down into a simple...
I believe that ETH will hit $806 which is the 1.618 fib extension of wave 1-2 and will mark the end of wave 3. Subsequently if wave 3 bounces of this target, i believe a likely target for wave 4 will be $720 which is the 0.5 fib retracement level of wave 3, as wave 2 was a simple 3 way corrective pattern wave 4 could possibly breakdown into a more complex...
IOTA has hit the 1.618 fib extension level of wave 1-2 and therefore this could be the end of wave 3, and wave 4 is about to begin.
My targets for wave 4 is around $2.2 - $2.1 these are the .5 and .618 retarcement levels respectively of wave 3.
In regards to wave 5 i have two possible scenarios either a truncated 5th back to $2.6 which would mean that wave 5...
Possible count for this short term correction. target $8500
Wave A completed a five wave impulse wave. Wave B completed a 5-3-5 zig-zag correction of wave A, ending just above the .786 level, supporting the guideline that wave B in a zigzag usually retraces 38-79% of wave A. Wave C currently in play, expected to break down into a five wave impulse wave.
Scenario 1: five sub-waves down of larger wave C now in play for a small simple correction target of $16
Scenario 2: A break below a 1:1 extension of wave A could suggest wave 3 of a larger wave A is actually in play, therefore a target of $15
Protective stop at $18 which would invalidate both scenarios
Scenario 1: would be plausible if wave v of 5 has not yet...
Ethereum -0.65% is currently trending within a channel. I believe that wave B has completed and we are now at the start of wave a five wave down for wave C. Confirmation if there is a break outside of the lower trend line of the channel, however if there is a break of the upper trendline wave B has not yet completed and price could continue to the .786 level.
scenario: ending fifth wave diagonal.
Wave v of the impulse wave down did not end at the price where A is now labelled as it did not break down into a full five waves.
potential entry $606-610 with a target $640-$660
Stop loss at $600
minimum R:R 3.3
Break outside of the triangle with conviction without hitting the lower trend-line for wave e would invalidate...
A full five wave have completed, therefore expect the start of a downtrend. This is confirmed by the bearish divergence on both the RSI and the MACD a sign the bulls are now losing strength. A cautious yet profitable target would be around $10 to reflect the current bullish market sentiment