The 3-d of the 3-d wave is the most exciting one to ride. With a piece of luck we were able to identify yesterday the beginning of this powerful advance.
For those who jumped on it on time: enjoy, for others: don’t be too upset. The opportunities are coming along the way quite regularly.
We will look today at the bigger picture:
In order to make a long term bull call we are looking for the following three things to happen:
- The current advance should form a 5 waves pattern. Doesn’t have to be exactly as on the picture above. But it would make us feel more confident if the wave 4 (in a circle) would take a sharp shape, preferrable zigzag (like on the picture)
- Prolonged correction thereafter (not shown on the picture)
- The sentiment at the end of this correction should be even more bearish than at the last low at 0.01650. Some “bad” news for Ethereum would be fine or some great news for its rival Bitcoin would be even better
We will see how this all develops.
No needs to go into the detailed charts today. That was proper to do when we were preparing our “the trend is turning” analysis. But now the dust of the current advance should first settle down. We are again in a “wait and see” mode.
Talking about our “wait and see” approach.
We’ve got a feedback from one of the subscriber, that it’s just once per several days or sometimes even once per week when our Elliott Wave analysis gives a relatively clear direction. We would, however, consider it as a nice feature and not as a bug. (The writer of this post coming from IT world, as you can see).
- the advance from yesterday is around 15 % now
- how many trades with such a return do you need to do in a month, in a year?
- how much nerves and valuable time do you spent for frequent trading?
If you think thoroughly, the chances are you will come to the conclusion that less is more. Being in this business for 10 years, this is what we’ve learned at some point. Just think about it once more: “less is more”.
Take care. Monday is mostly a difficult day. Unless something special happens, we will publish the next update on Tuesday.