The power of Ethereum is in its community. It’s amazing, rapidly growing and creative group of people.
In this update author introduces the work of our small community (readers of this blog).
Few days ago there was a conversation in the comments area. As the result we have this chart:
It’s very rare form of a leading diagonal and is almost the perfect one (except the wave 4 being too short). Waves 1, 3 and 5 are very nicely formed. Waves 1 and 3 are perfect a-b-c, where wave “c” is 100 % of the wave “a”, wave 5 consist of pretty clear 5 waves too. Finally, wave 1 is smaller than 3 and wave 3 is smaller than 5.
Based on the 10 years Elliott Waves experience, the author can call it as the very rare but correct 5 waves pattern.
If this is what the markets has prepared for us, we might see one more sharp but short drop to around 0.017 and then pretty fast recovery above 0.020.
0.014 is clearly the invalidation level for this count.
The BTC is also very close to finish its triangle. That took really long time. From now on expect the unexpected volatility pretty soon.
All-on-one, as written in the last movie-inspired update, there is going to be a crazy action very soon..
After thinking over night, the author believes this movie and its dynamic would fit more than the classical “the good, the bad and the ugly” for our current situation. In case you haven’t seen this one, try it out!
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.
The purpose of our blog posts is to outline the progress of markets in terms of the Elliott Wave Principle.
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