For our main Elliott Wave count to stay on the radar we want to see ETHBTC keep rising from the current level
Otherwise the size of the wave (iv) will become disproportionately and uncomfortably big.
In case we do break below the last bottom – 0.01910, we will have to wait some time to let the market generate few pieces of price data.
The reason for this “wait and see” approach is following.
The decline from 0.02340 doesn’t look like a 5 waves move at all at the moment, so it means we are likely in a bigger correction like this:
However, this decline (marked as w-x-y-x-z above) can morph into the motive wave but for this very sharp decline is needed. Something like this:
So, for the moment we switch to the “wait and see” approach and watch two levels:
- on the way up 0.02260 to confirm we are in the 5-th wave
- on the way down 0.01910 and the structure of the decline to decide what Elliott Wave pattern we are in now
As soon as one of this condition is triggered, expect for the next update.
Have a nice sunday.
P.S. The author had to edit the page, namely replace the first chart. The beginning of the wave (ii) was placed slightly wrong.
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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