Somehow it’s a bit strange that we were again right in our call in the last post. Who doesn’t like it to be right, yes? But the truth is that no one can be right all the time. The financial markets are too complex and volatile, means changing often and fast. It’s easy to get stuck to the idea of the market which isn’t correct anymore. We hope we will be able to recognise the changes on time and adjust our Elliott Waves count as fast as possible when these changes take place.
For the moment the bear structure continued as expected. Let us repost the second and the most probable (as we assumed yesterday) Elliott Wave pattern from our last analysis:
Today we try to answer the second part of the question: “how long bears will stay in control?”. As we can see from the price action as of now:
ETHBTC indeed went slightly below 0.024 and recovered up to 0.02590.
We would like the structure more, if ETHBTC would make one more low (that’s why you see the wave 4 up and then again decline in the wave 5). It is not required, however. The look and feel of decline as of now is already good to consider it to be completed. If, however, we do rise a bit up from the current level and then go down to slightly below 0.02350, make sure not to turn bearish. If even the temptation is strong.
Better to turn bullish. With a SL below 0.02040
We want to see more structure to develop before we post the next analysis, so that our call is purely based on the Elliott Waves patterns. Could take one more day, then we will post update tomorrow. Or could take a bit longer, then we will come online on Saturday.
Take care and use the analytic (this or any other) to define your best Risk/Reward strategy.