The last jerks on the way down looks finished by now. We did make one more minor low yesterday. As we believe and said in the last report, even more bulls now abandoned the idea of ETHBTC growing immediate from the current level. Ironically, however, this is exactly what could happen now.
See this beautiful pattern:
The 5 waves decline is divided exactly by the Fibonacci 0.618 at the point where wave 1 stopped. Correction in wave 2 was complex one, where the correction in the wave 4 was fast and simple one (zigzag a-b-c). Wave 3 is 1.618 extension of the wave 1. Basically, it looks like almost the perfect 5 waves move. The only “not fully normal” fact is that the corrective wave 2 is complex and shallow, because in a “perfect” impulsive pattern wave 2 tends to be deep and swift one. But that is exactly what makes Elliott Waves analysis so exciting and demanding work for a analyst. Every case is somehow unique.
As we said before, one has to keep the mind open and be ready to adjust the structure to what the market tells. Not vica versa.
Is there is anything what will make us change the current bullish stand ? Yes, sure. In case we move below 0.02040, the bullish structure we are following on this blog will be invalidtaed and we will have to change it.
Just to remind you, this is our long-term view:
Take care, read the opinions of others but always make your own decisions. No one is right 100 % of the time. We aren’t too and we don’t know anyone who is.
Plane your trade, trade your plan.
The Elliott Wave Principle describes the behaviour of the financial markets. This Principle is build on the mass psychology swings from pessimism to optimism and back in a natural sequence. When these swings happen, the specific Elliott wave patterns in price movements are created and become visible. Each pattern has implications regarding the position of the market within its overall progression, past, present and future.
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