How deep the correction will go?

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:MidTerm

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:LongerTerm

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:BTCLonger

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.
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.
In no event will we be liable for any loss or damage on your account in connection with the use of our publications.

Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s