The market wisdom is that the crowd is most of the time wrong. Mostly it is related to buying the tops and selling the bottoms.
However, it is not only limited to this.
Here are two updated Elliott Waves long-term charts from the last ETH related post 5 days ago:
As expected ETH is rising.
Here comes the point where the crowd is wrong.
The general expectation is that it will take us long time before ETH can recover (one year to get to 40 $). Some strong resistance is expected at around $ 14, and so on and so on.
However, this might be exactly the point where the crowd gets it wrong. The resistance is already broken. That was the real resistance line (author was watching it very closely):
The ETH was depressed for too long time. It’s like a coil. When the sentiment gets “uncoiled”, the move can be amazing fast and strong.
Few words on ETC. As expected the sentiment there keeps moving to the “depressed” level. The author might publish an update in case it reaches the “we are doomed” area. For those interested in highly speculative trades on ETC(hild), just wait till no one believes in ETC anymore. We should be there pretty soon.
Get ready. The next round of shootout is about to begin.
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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