ETC Shows that Sentiment is Getting Antsy

SUMMARY

Sentiment can be measured in many ways. The most common is by news media content but for Analysts, the best is by the number of frustration jabs, hate emails and troll activities. These all rise during a correction and peaks near the bottom or the capitulation phase. Even Teeka Tiwari of Palm Beach Confidential gauges the number of hatemails in his inbox. Why? First, it's quite human for people to blame. Second, blaming another allows one to temporarily feel better because it allows one to project the inward guilt outwards. Very human. But for Analysts, the whole thing becomes an effective tool because the frenzy peak of such hatemails signal that the bottom could be near.

The bottom is a chart of Ethereum Classic (ETC). Do you see an extended 5th wave? This means that the retracement of this correction could get deeper than initially thought. I've labeled this as an expanded flat where the B wave is higher than the origin of A wave. For now, the C wave is equal to the prior wave 4 but yes, it can likely be lowered to the prior wave 2 and that's quite a ways down.

There are several ways to lay down the subwaves but the blue wxyxz provides a likely sideways price action pathway. Still, the strokes can be broad and the current decline could be filling in only the Y wave, leaving X and Z as yet to come. Again, that C wave can decline to prior wave 2 but not yet.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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