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