First update to the mid-term Elliott Waves count:
The move up yesterday brought ETH high enough to consider the correction up to be completed now. It also touched 50 % retracement level which is though not the perfect (that would be 61,8 % at 0.029) but quite typical too.
Besides, when we check the internal structure of the rise from the low:we can see that we have formed very typical a-b-c where “c” is 100 % of “a”. Very bearish structure right now we have.
The only chance for ETHBTC to turn bullish again is to go above the last top from yesterday (0.02760).
If we dive below 0.02290 there will be almost no chance for any immediate bullish structure (leading diagonal is the only case, but it’s rare and we don’t want to entertain such low probability scenario at the moment).
By the way, the triangle… We did have one “und was für einer !” (as we say in Germany). Veery interesting structure. For educational purposes let us check it closer:
It is basically one complex correction, consisting of “a-b-c” zigzag, then “x” (also zigzag) and finally a triangle. The breakouts from triangles are always intensive moves. And this is exactly what we witnessed yesterday. The small details which are visible on the chart have actually big meanings as they help to define the Elliott Waves structure for the move after the triangle. Why big meaning? Because to go short after the triangle breaks up is actually a good idea. But only as long as you don’t enter the market too early. And what is early? Early is when the 5 waves aren’t over. If you enter somewhere in the middle of the 3-d wave, that sucks. And in order to identify when 5 waves are over, one needs to know exactly where these 5 waves started. That’s why it is important to pay attention to small details. At least if you use Elliott Waves.
Now let us wait which way the ETH will choose. To surprise us yet again?