Short-term waves (+mid-term). 19.05. Final

Being long-term bullish on ETH, the author still needs to follow all the jerks on a shorter-terms. Otherwise there will be not so many things to post.

So the both attempts today (calling for a temporary correction in the wave 4) have basically failed. Though the correction took place, its shape was however shallow and much shorter than expected. It is the sign of the strong bull market and also the growing tension.

To finish the day we publish two counts. Both are trying to identify the final leg for the wave 5 of the 5, which means the last jump before deeper correction starts.

Possibility a) allows one more rise-correction-rise sequence before the top:ETHBTC-ShortTerm-4

Possibility b) telling us the story that we are now in the process of building the last wave 5 of several degrees:ETHBTC-ShortTerm-5

There are pros and cons for every of these two counts.

The author hopes to get some more food for the Elliott Waves tomorrow to identify more clearly the end of this advance.

Few things are clear, however. The excitement is spreading. More and more traders are accepting that 0.037 (and ATH) is “done” in few days. The goal of 50 USD per ETH is now supposed to be archived in August as the latest.

Well, when the author reads these kind of comments (as bullish as he is on ETH), the cautious feeling is rising. When the crowd is so sure, something else will happen.

As we, however, still have some traders, trying to short the current market, may be the possibility a) from above makes more sense. After one more shallow correction and strong rise the fear for shorters should become strong enough to scare them away from market.

Then the correction will start.

The author will write an update tomorrow. Please, give a short feedback if the format of several short-term updates during the day was of any value. It takes quite a lot of time to prepare and write them. In case it doesn’t help or give some useful insights, the author will come back to normal 1-in-a-day update mode.

Will see what will happen over the night..

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.
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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

5 thoughts on “Short-term waves (+mid-term). 19.05. Final”

  1. Thank you for sharing your insights.
    I already bought and sold several times anticipating a big drop which didn’t happened. Yet…

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    1. Same here — I look out for your updates throughout the day. I like your approach, and I’m learning a lot. Trying to ‘time’ the top here as well (as hard as it is)

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      1. The frequent updates are great. What concerns me is YOUR well being, dear author. I imagine you started this blog because it was fun. I’d hate to see outside pressure ruin that for you. Our gratitude doesn’t put food on your table! So please, only do it if it feels positive and healthy for YOU. No one can make good calls if our energy is out of alignment.

        As far as this top, I think I might hold for awhile despite what happens short term. And just buy more when it falls. I’m quickly learning the toll all this trading can have on your heart! So this way, green candles or red candles are both good. I have a feeling we’re watching something historic anyway and $14-$15 is going to seem like peanuts someday. So why sweat the small stuff. Maybe I’ll change my mind but that’s my survival strategy at the moment.

        Take care all you traders out there!

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    2. Yeah, it’s always difficult. Don’t do it with big positions. For me the rules are the following. When ETH was falling I hold liquid EUR and was buying on every panic message among traders. Not all at once. As it is really hard to predict when exactly the bottom will be. But at the end I had a nice formed portfolio of ETH. Though I sold it a bit earlier, still was a very good trade. Now when we are witnessing the growing craziness in opposite direction, I open small portions of ETHBTC shorts (mainly because people are now extremely negative towards BTC) and hold my EUR ready for the next fear attack. Still, as a long term bull for ETH, these positions are only 50 %. The other 50 % of my holdings are in cold ETH wallet and will stay there uness I see an article in Spiegel (german biggest newspaper for “usual” people, the best sentiment indicator).

      You? What is your strategy?

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