The ETH either should start rising from around the current level (one more last drop below 0.02950 is still ok) or we will have to reconsider the count we have followed (and turn as expected bearish but a bit earlier then we wanted):
If the rise for the final wave 5 won’t start now, the shape and time for the wave 4 (green) will start becoming more and more uncomfortable.
The decline from the last top (0.03430) still counts the best as the correction (Flat):with one very interesting speciality.
If we start to compare ETHBTC, ETHEUR and ETHUSD we will see that in every case the bottom of the “c” wave reached different point of the structure. For BTC (as shown above) the wave “c” get very close to the level of wave “a”.
For ETHUSD it stopped a bit higher:
Where for ETHEUR the price for “c” dropped below the level of “a”:
This small but important behaviour pattern could mean two things:
- The market became fragmented and the fall in one of them (ETHEUR) isn’t confirmed by other two. It means we reached the bottom
- What we see here, isn’t “a-b-c” Flat at all but instead the sequence of 1 – 2- 1 waves
For the point 2 here is the visual explanation:
As you can see from the lines, which are going very deep down, that could morph into a very nasty decline.
Though this structure doesn’t fit into our current mid-term count, it fits into our long-awaited correction for ETH and rise for BTC.
The key point is the following – in case we do break below the level 0.02970 will it come together with increasing volume and extended move toward 0.027 ?
If that is what will start manifesting itself, we will have to admit that our long-awaited correction for ETH (and rise for Bitcoin) already started.
Stay tuned and you can expect the next report as soon as the market will either confirm the assumption (in bold) or will keep rising from the current low in a motive way.
Indeed “the moment of truth”, right?