Many charts, still waiting for the final rise.

As promised, we publish evening update with few more charts.

But first several words about the current sentiment. The sentiment in trading forums is mixed. On the one side we have again some moon traders, they are sure about the bullish outcome (and we know what happens when the traders are sure about the direction), on the other side there are pessimistic traders who are posting charts and predictions for ETHBTC going as low as 0.013. By the way, some of those charts aren’t that bad. So, there is not a totally clear view on the current sentiment.

We try then to read the price action “pure”.

This is how our Elliott Waves for the current advance started few days ago when almost no one predicted the ETHBTC advance (difficult to believe now, right?):

ETHBTC-ShortTerm
ETHBTC, 30 min

This is how the market followed up on our expectations:

ETHBTC-MidTerm
ETHBTC, 120 min

And this is how we saw it today in the morning:

ShortTerm
ETHBTC, 120 min

We still keep the same count and this is how it looks like on a smaller time scale:

ShortTerm-1
ETHBTC, 30 min

If the market keeps following our expectations, it should rise slightly above 0.024. As you can see on this last chart, we will have to reconsider this short-term count if the price drops below 0.02040. It doesn’t necessarily means that we will turn bearish, as the wave 4 correction can take more complex shape and then 5-th wave advance will take place. Actually, as we said in our morning update, we would feel more secure if the current correction would take more complex shape. But for the moment we stick to our count.

 

The main reason is this even shorter time-frame count:

ShortTerm-2
ETHBTC, 15 min

It is possible to count 5 waves up from the 0.02040 and the correction thereafter can be counted as a-b-c, where the wave b was a triangle. In this count, however, the 5 waves up aren’t the perfect ones, as the wave 4 is a bit too short. Anyway, as long as we stay above 0.02040, we keep this as our main count.

 

We believe the market will give us enough price activity during the next 24-36 hours. Let us wait and see. Expect for our next update therefore either tomorrow evening or on friday morning.

In case you want to be informed right after we publish the update, you can “subscribe” to our blog. WordPress button is on the right side. But as we say, it’s absolutely up to you.

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.
Very important. Investing carries risk of losses. You should be aware of all the risks associated with investing/trading financial instruments. Information provided in this blog is expressed in good faith, but it is not guaranteed.
The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities.
This blog and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.
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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

One thought on “Many charts, still waiting for the final rise.”

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