EthereumLong
ETH Elliott Cycle (bullish scenario)
- looks like ETH completed its correction in form of a Zig Zag (5-3-5 wave structure)
- primary correction wave C bounced and probably found its bottom at the 0.618 extension of Wave A, which confirms a valid Zig Zag.
- also i marked the cyan colored triangle in the intermediate wave 4, which is typical and often seen in the fourth wave according to Elliott principle.
- at the end of wave C, i marked two corrective waves A and B which have a 3 wave structure each (W-X-Y)
- this looks like a Flat is forming (3-3-5 wave structure)
- a regular Flat would hit the top of wave A at 250-255$
- more conservative targets are the other red lines at 232$ or 220$
- if you are bullish but expect a dip, 186$ is a good buy,
- more bearish and a bit lower a good entry could be at 167$ (with tight stop loss).
- primary correction wave C bounced and probably found its bottom at the 0.618 extension of Wave A, which confirms a valid Zig Zag.
- also i marked the cyan colored triangle in the intermediate wave 4, which is typical and often seen in the fourth wave according to Elliott principle.
- at the end of wave C, i marked two corrective waves A and B which have a 3 wave structure each (W-X-Y)
- this looks like a Flat is forming (3-3-5 wave structure)
- a regular Flat would hit the top of wave A at 250-255$
- more conservative targets are the other red lines at 232$ or 220$
- if you are bullish but expect a dip, 186$ is a good buy,
- more bearish and a bit lower a good entry could be at 167$ (with tight stop loss).
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