ETH, An overly optimistic Wolfe Wave scenario

I like Wolfe waves. They are simple and dramatic, easy to understand and have a cool name. More importantly, If this is playing out as intended, it means big things will happen for ETH.

Given the recent debacle and price debauchery, we could fantasy a scenario in which ETH has way more upside than downside. To support it, we can see a bullish div forming, and oversold indicators across timeframes.

Yes this is a crazily optimistic idea and potentially very foolish to think ETH can head back up to ATH that quickly. Let's see how this plays out

Comment:

The Strong bounce plays in favor of our fantasy scenario.
Couple more arguments to support the major uptrend theory:

* BTC is now readjusting from the first round of major dump. With the "positive" segwit2x news, we can expect an overall bull week

* ETH has been favored by the bears. It's a perfect short squeeze candidate.

A more conservative target would be somewhere in the $250 range

Comment:

ETH is doing great and has been following the expected trendline like a champion. It is hitting now a bit of resistance and would probably benefit from a little bit of consolidation.

The Ethereum Alliance news is big (entethalliance.org/e...ockchain-initiative/) and reinforces my belief in the pattern hitting high targets.

Onwards!

Comment:

$250 - Conservative target reached

ETh is taking a breath and is gathering its strength for the next round. A probably retrace to $190-$200 wouldn't be surprising, but it is also possible it will hover in the 225 range in side moves...

Next target is $275-$300

Trade closed: target reached:

An update way overdue, but better late than never... Took longer that expected but target was reached, $20 shy before pullback. After that small consolidation it was on and beyond. What a ride it's been.