As long as we don’t see another 5 waves in BTCUSD, this guy has unfinished business on the way down:This drop can take place at any time. Once again, in case you feel bearish – position yourself. The SL for this strategy is very clear: above the beginning of what the author thinks the 5 waves down. If we go above this level before making another 5 waves down, the count is invalidated and the trade should be abandoned too.
As you remember, the author wanted to post also an update (with charts) on ETH. However, the picture there isn’t so much clear as in BTC and it needs much more charts and texts. As the author was moving during the last days to another country (short-term stay, only 4 weeks), it took a bit more resources as expected and there was no chance to do in-detail writing.
By tomorrow the things should get settle down a bit. The sun is shining here brightly, the mood is great (as we also wish to our beloved ETH community). So, expect some positive vibes with colourful ETH charts tomorrow.
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.
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