The 5-th wave, which we were expecting to come in the last update, decided to extend. As the author mentioned in that last update, chasing the possible correction down wasn’t worth it. In the bull market (where we are clearly since the beginning of 2017) surprises tend to happen on the way up.
Looking at the charts now, it seems to be reasonable to get to the area around $22-23. Combined with the coming “news” about ENS (Ethereum Name Service) that could become the perfect top:There are some alternative counts, where basically we have the sequence of 1-2, 1-2, 1-2-3 waves. If that is what is playing now, then we will have few more sequences “down-up” before making the top (which in this case can come a bit higher) and then correcting down to around $12-13.
How can we make a final call and decide which structure is the real one?
One way is to pay attention to what happens to the crowd sentiment when the ETH starts correcting down from the ATH (all time hight) at around $22-23. If on the way down the crowd will shown some concerns.. Well, then we would have to accept the chance for further rise. If, however, it will widely be seen as the “last chance” to buy cheap – you know we are on the top.
This is a nice exercise in the understanding of the “crowd” behavior and we are analyzing it in real time in the slack channel for the Santiment.net project. If you feel interested in learning this skill, come over and talk with us. We as the community were able to identify the last top and base for the rise in ETH.
As usual, the author generally wants to keep this blog free of any trading advices. Whatever comes here is just sharing of the experience of how the crypto-currency markets can be analyzed in a special and so often seen way. Based not on FOMO and FUD, but on the observing the crowd sentiment and Elliott Waves.
Enjoy the spring.