As mentioned in the last post:
“We want to check the following: is there any relation between the first 5 waves and the next ones? For instance, if it will be 1:1 (you see red 1 with the price in the brackets afterwards) the chances are it’s just a correction. To make a more clear call, the author would normally have to check some secondary aspects..”
Amazingly enough, the market gives us exactly this situation. The next 5 waves up ended at precisely 100 % extension of the first ones. Did the author read the mind of the Ethereum price universe? Whatever it means, the more interesting question is what’s going to happen next.
Let us check the Elliott Waves count first:
We will come back later to the yellow line (mostly in regards to fiat valuations of ETH).
Let us first start with the mentioned at the beginning “secondary aspects”.
What are they?
First and the most important, the price action itself. As you can see from the chart, the next waves builded up yet again “5 (“a”) -> correction (triangle in our case – “b”) -> 5 (100 % extension of the first five – “c”).
Now, here comes the tricky point. Normally this construction “a-b-c” up, “a-b-c” down would mean we are in one of the corrective patterns. And the author would say something like “well, let us wait for the market to decide which exactly corrective pattern is at work now”. Because there are many of them and even more if we count all possible variations/failures/extensions, etc.
But. Here comes the next “secondary aspect”.
Reading the last days a lot of social media it’s somehow striking how few people considering at all that the ETH can rise to, let’s say $15. The shorts are piling up and (almost) everyone seems to be sure that at least $7 will be visited soon.
May be we will visit $7. But not on this sentiment.
It seems to author we will have first to travel the way up to around $15.
And then we will see what Elliott Waves have been built on the way up.
Ah, and just to mention shortly on BTC. Its bear business isn’t finished yet. There seem to be a triangle building there, we will put our eyes on it in one of the next updates.
Take care, save the water by taking the shower under the rain. (The author is surprised by the amount and power of the rains here in Europe).