Never in his imagination could the author see what kind of “waves of surprises” is coming to us. Talking about it few weeks and then to get this…
That’s the strange and amazing aspect of Yoga. It gives the practitioner a special “feeling” that something is going to happen. But you rarely know what exactly will it be. Possible to get the exact answers? Well, unlikely. We are all actors in a huge play. The author has a role of a writer (among other roles) and this role assumes that he is here to give the readers something interesting to read. And some ideas for how to use it in their trading, if they wish to do so. Not more. But also not less.
Just a short general notice on Ethereum in general. The author hopes that we as a community will find a way how to address two important aspects:
- software had, has and will always have some kind of bugs
- there will be always people trying to exploit these bugs to their advantage
If we don’t find a way how to solve these issues, there is no use for Ethereum. But the author is optimistic. There is always a solution to any problem. Let us see which one will manifest itself in the near future.
In the moment the fear and absence of buying power is quite clear. Normally the author would consider it as a clear buy signal, even without looking too much into the charts. However, we do look into the charts. And they don’t show 5 waves up on any time scale. Which is a clear warning signals for every Elliott Waves practitioner. But let us take a closer look.
First, let’s examine the current chart and Elliott Waves for ETHBTC in general:
What do we see on the chart above? There are clear three waves moves between the red lines. It does look like a triangle. And the move down before (green ellipse) is also quite clear variation of a three waves move.
What can it mean?
Option 1:in this case we are finishing the complex correction and the last part is triangle. The start of big rise is expected.
Option 2:in this case we will have one more leg down and it will be sharp one.
In any case, the thrust out of the triangle is always a sharp move. As soon as we see one, we could tell more about the next steps.
As a side note, it’s not only DAO which crashed and died. Also the Mac, with the help of which these charts are made, is giving the signs of the nearing death. So it could happen that the next 4-5 days there will simple be no way to publish nice updates with beautiful charts. So bear with the author if only the text posts will be published the next few times.