The 5-th wave started

It looks like we are in a final move to finish the 5-th Elliott Waves.

As mentioned in the last post, we were and are expecting:

  1. correction to somewhere around 0.019-0.02050
  2. rise to the area slightly above 0.024
  3. the RSI divergence at the end of this rise.

The correction seems to be over. The price touched 0.02030, which is inside our mentioned correction area.

Now we want the price of ETHBTC to rise above 0.024 and then we will start looking for longer-term top.

Our only concern for the moment is the following:ShortTerm

The correction pattern in wave 2 looks almost exactly the same as it was now in what we consider to be the wave 4. Which is quite atypical. It would be more typical to see this kind of fractal behaviour if we had already finished 5 waves (where inside there was such an w-x-y-x-z correction) and then the same pattern happen on a bigger scale.

So, we are considering an alternate count now where the 5 waves advance aleady finished at the last top at 0.02340. This is for the moment our count nr. 2.

We will come with some charts in the evening. Time to enjoy the volatile European weather. The sun is shinign right now, but it can also be corrected any time with nasty cloudy weather.

Take care and enjoy your time too.

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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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

2 thoughts on “The 5-th wave started”

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