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?):
This is how the market followed up on our expectations:
And this is how we saw it today in the morning:
We still keep the same count and this is how it looks like on a smaller time scale:
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:
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.
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