ETHUSD - About to start Elliot Wave 5 downward towards $465

May 27, 2018

This is my first published analysis after spending some time learning about TA and charting. All signs on the ETHUSD point to a bearish continuation towards $465 in the next few weeks.

It is currently forming a triangle on the hourly chart with resistance at the 0.5 Fibonacci retracement level ($600). When it breaks out, I expect it to break downward towards $510 based on the weekly pivot point support before continuing the fall to $465.

I expect a strong wave of corrections upward at $465.

Let's see what happens!

May 28, 2018

Note

EW5 came sooner than expected. ETH is currently testing the downward trendline support at $505. If the support can hold then we may see a bounce to $540. If not, then it's straight to $465.

May 28, 2018

Note

Edit for previous comment: EW5 may have started as the breakout of the consolidation triangle

May 28, 2018

Note

There could be a long scalping opportunity at ~$500 to ~$530 coming soon

4 hour chart:

Stoch and RSI are both oversold
Falling wedge formation (reversal pattern - becoming bullish)
There is a regular bullish divergence with lower lows being formed on the chart, and higher lows on the RSI

I am currently short from $527, but will be closing my position at the downward trending support line.