Sorry for the late update. The author had to travel to another city. That was actually quite interesting trip. Joined the group of other 3 skilled (everyone in its own area) people, the author will likely take part in the project. It was quite special experience to present the first time Ethereum and DAO to the people who never heard about it. Excitement was big to say the least. “Unfortunately” after checking in a more detailed way (if it really fits the market and our first goals), we had to admit that “the DAO” isn’t the way to go. At least not right now. Still, the author is considering to contact the people from Slock.it (as they are also from Germany) and ask some specific questions.
Ok. Back to the ETH and Elliott Waves.
One of the mentioned levels got broken. As it has happened on the way up, it means the ETH is making it. Making what? The author still thinks, the 5-th wave is about to be finished
Normally it would mean that we are about to start correction down to around 0.018 area again. However, calling for a top isn’t an easy call right now. There are not enough signs that traders have become unreasonable optimistic. But this is exactly what one should look for at the top. One reason could be, that this 5-th wave will be extended one. It means it will go up quite a bit more before finally stopping. As author mentioned (hmm.. or did he?) the ETH and also BTC tend to behave like a commodity, it means they regularly have extended crazy 5-th waves. If that is what market prepared for us, then yes, at the end of the rise the sentiment most probably will reach the needed degree of optimism.
Otherwise an alternate count will have to be considered.
The move down in BTC, by the way, is by no mean is finished. The initial 5 waves down (marked as “A or 1”) still need to be continued to at least 430 USD
We will see how nicely the Elliott Waves are formed tomorrow and will publish an update.