After looking at the various pairs for ETH (ETHBTC, ETHEUR and ETHUSD) the author takes this Elliott Waves count as the main one for the moment:
The correction area is between 0.01865 and 0.02080, which are 0.618% and 0.382% of the 5 waves rise respectively. However, as we were rising from the bottom it means that these 5 waves are the wave 1 of the bigger rise (or wave “A” of a bigger correction itself).
Here is the chart to display this:
There are some alternates counts. We will discuss them however only the chances for them (or immediate price action) will open the space for this discussion.
For the moment the published count is the most likely pattern.
Hmm. This update is somehow short. So let us also look at the Elliott Waves in the Bitcoin Universe. And this is what author sees there:
As before, the author thinks that BTC should experience at least one more leg down.
Combined with the current correction in ETH and their quite strong opposite correlation, it looks like we could experience some slow advance in BTC for the time when ETH is correcting down. As soon as ETH will start rising again we should see the decline in BTC to continue again.
Enjoy the time and the chance to buy DAO at cheaper ratio for “mistakenly” more time as expected. Tomorrow will be the new day and the new update 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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