We expected the resolution of the current short-term patter to happen by this time.
Well, it did’t happen yet. The market wants us to practice some more patience.
For the time being we publish update to the Elliott Waves count from yesterday:
As one of our subscribers wanted to know how exactly we counted the first 5 waves, we placed the more detailed count. It means, we are still holding it for the most probable outcome, when ETHBTC will continue up. However, as we have had so many 3 waves movements since yesterday, we have plenty of different potentials now.
This expected move up can be short or prolonged now.
Also though not our preferred count, we see a chance for a sligh drop down.
To decide, or better to say, to read the market more precisely, we are watching for now closely two levels (see these two lines on the chart). As soon as one of them will get broken, there will be more to see, analyse and publish on our blog.
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.
The purpose of our blog posts is to outline the progress of markets in terms of the Elliott Wave Principle.
While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will my posts make specific recommendations for any specific person, and at no time may a reader or viewer be justified in inferring that any such advice is intended.
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