ETH Wyckoff Accumulation #2 and 5th Impulse Wave Incoming?
https://www.google.com/url?sa=i&url=https%3A%2F%2Fphemex.com%2Facademy%2Fwyckoff-accumulation&psig=AOvVaw2rARW9w1fzoOAqXJITVmwY&ust=1684625105888000&source=images&cd=vfe&ved=0CBEQjRxqFwoTCIDjjtvDgv8CFQAAAAAdAAAAABAE
ETH current price action appears to be closely following the Wyckoff Accumulation #2 schematic (link above). The way I see it, there's two ways this can go:
1. ETH breaks straight up from its current position, and that little wick that deviated from the range (marked with "x") is our LPS
2. ETH deviates from the range once again, deeper this time to take out the lows from ST B and form the Spring. This would follow the Wyckoff Accumulation #1 schematic, however it may cause an issue with our Elliott waves, as Wave 4 is not allowed to cross under the high from Wave 1. Should this occur, we may still get a move up, but we will end up with an "Ending Diagonal" (AKA Rising Wedge, link to this concept below) and a very significant correction will follow.
What are your thoughts?
ETH current price action appears to be closely following the Wyckoff Accumulation #2 schematic (link above). The way I see it, there's two ways this can go:
1. ETH breaks straight up from its current position, and that little wick that deviated from the range (marked with "x") is our LPS
2. ETH deviates from the range once again, deeper this time to take out the lows from ST B and form the Spring. This would follow the Wyckoff Accumulation #1 schematic, however it may cause an issue with our Elliott waves, as Wave 4 is not allowed to cross under the high from Wave 1. Should this occur, we may still get a move up, but we will end up with an "Ending Diagonal" (AKA Rising Wedge, link to this concept below) and a very significant correction will follow.
What are your thoughts?
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