It is my opinion we are still on track to complete this "Falling Wedge/Ending Diagonal" in the next two months if it continues on existing glide path as a EW Wave Five Extension see below:- Bulkowski Wave Five Extension thepatternsite.com
Lots of similarities with the schematic below if not perfect! Bulkowski Elliott Wave Ending Diagonal Triangle :- thepatternsite.com
It looks to me as if, now the CFTC changed its mind about Ethereum now being a commodity again, that this Inverse Head & Shoulders could still make target like #bitcoin?
This Inverse Head & Shoulders target was reached and subsequent Symmetrical Triangles so are we done here even though we broke the June 2022 recent low?
Incomplete as an Inverse Head & Shoulders pattern but it has all the characteristics see link below! Also note the two ABCDE symmetrical triangles used to form head & shoulder. Inverse Head & Shoulders Pattern:- thepatternsite.com Symmetrical Triangle Pattern:- thepatternsite.com
I see it is said by some commentators the USD Index(DXY) cannot fall further but if this pattern plays out then I disagree? If this Megaphone/Ascending Broadening Wedge pattern plays out then there is further room with a chance of a bounce short term! Bulkowski Ascending Broadening Wedge :- thepatternsite.com
Where the "Parallel Channel" meets the "Supply Channel" would constitute a confluence of channels in my opinion! Bulkowski Channels:- thepatternsite.com
It does seem that we maybe seeing a larger 5-Wave correction to the downside but only time will tell how this plays out? Bulkowski Parallel Channel:- thepatternsite.com
According to Bulkowski this pattern has a poor rating so far as meeting its full target, so it will be interesting to see if it makes 100% ? Bullish Pennant (Bulkowski):- thepatternsite.com Measure Rule:- Pennants, up breakout Pennant low + ((Flagpole height) * 35%) Note the 35% upside target already met!
Like #Bitcoin, Ethereum is expressing a similar type pattern with an Inverse Head & Shoulders! Bulkowski Inverse Head & Shoulders:- thepatternsite.com
The previous "Symmetrical Triangle" which I have shown down targets and as you can see fell within the normal parameters breaking down to meet supply! So is this another triangle in formation which will behave similarly? Bulkowski Measure Rule :- Triangles, Symmetrical, down breakout = B - ((H - L) * 36%)
It is my opinion we are trying to break the bearish count at $16799(using an Inverse Head & shoulders Pattern) ~ in order to make an Elliott Wave ABC or WXY count and possible reversal?
We are at a level where in the past, since December 2017, bitcoin has been accumulated ~ therefore I feel $16000 has to hold in the near term to maintain a medium term bullish sentiment and long term $13800 cannot be invalidated if this Elliott Wave count is to hold true!
It looks as if we are trapped between two "Golden Zones" that being the fibonacci extensions of the recent high/low extensions. Will this form a Spring on the recent low or extend even further?
It looks like we have now got caught up in Phases of "Distribution" which is making me revaluate short term moves! school.stockcharts.com
It is not often you see good example of Elliott Wave in crypto but I feel this a good example of an impulse wave followed by an abc correction stemming from a 2-Bar movement off a trendline marked in red and highlighted in yellow!
Need I say more than the chart describes! thepatternsite.com
I think this chart goes some way to explain the bearish sentiment in some quarters, but if we are on a "Bull Run" it is also not hard to expect $48/48.5K as a realistic target in the near term! *PnF = Point and Figure school.stockcharts.com