The background situation is extremely tensed. Soft fork cancelled, no fork is actually no option at all. So we are facing the transition through the hard fork. Difficult to imagine that the market will not respond to it, right?
And yes, it will..
If Elliott himself would look on the charts, he would possibly also expect some pretty big moves. So let us see:From looking on this chart with Elliott Waves glasses the only expectation is for the price to explode to the top. The yellow lines are from this post, it will be funny if the market follows exactly this predicted route (though the author has some doubts, few words on it later).
From looking on long-term chart in ETHEUR (author trades mostly this pair but ETHUSD has identical pattern) the observation gives quite similar results:It’s quite interesting pattern by the way. Expending leading diagonal. Rare, but looks almost perfect. Every next wave is bigger and the moves are getting more and more wild.
Then “the death of the DAO” and sudden worries if Ethereum can survive (most bitcoiners were proclaiming “the ETH is dead”). Perfect base for the end of correction. But now we even have better situation. As long as HF (hard fork) hasn’t taken place, there are plenty of negative voices everywhere. Though the author believes that the HF is “the key” positive event for Ethereum community, it will most probable become visible only in the hindsight, when the things settle down a bit.
To finish the post for today. For the Elliott Waves to become perfect one more drop down is needed, slightly below 8,9 EUR or 10 USD. Will it happen or now – difficult to say.
The reason for yet another possible drop is following chart:The similar triangle is visible on ETHBTC and ETHUSD.
So, looking on smaller time frame some move down is possible, but long-term charts are ripe for sizeable and strong advance.
Let us see what happens over the weekend.
Enjoy the time with your close friends and families. The summer is somehow amazing this year..