We are now just around 5000 blocks away from the hard-fork. There are more and more voices saying this will be “the biggest non-event”. Without even checking the charts (we will do it few minutes later) the author doubts. Every time when some opinion starts becoming mainstream, the doubt is the best reaction. Especially if you are following the sentiment and Elliott Waves are you compass in the sea of investments.
Our main count for now:
Our alternate count for now:
How do we decide which count is the right one? The market and the price of ETHBTC will tell us.
Once below the bottom of the green “5” – and the alternate count will be confirmed.
If we go above green “4” before making the new low, and we most probably have confirmation for the main count.
If the main count is confirmed, then we should witness a steady rise to at least 0.019. The structure (and sentiment) have to be checked when arrive there to see if there is any bullish potential left.
If the alternate count is confirmed, than we will get even more volatility. After the forming the completion of a double 5 waves (could be around 0.01550), the retrace will take place. ETHBTC should rise pretty fast back to at least 0.01720. Then the new drop can follow, below 0.01550.
All in one, the next 4-5 days will be anything but boring.
Get ready and position yourself.
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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