ETH has completed its 5 Elliott waves reaching a top of $1420. Now it has started its 3 wave corrective sequence.
WAVE A
Wave A in the corrective sequence should take ETH down to the $1180, which marks the 23.6% line of the Fib retracement from the 5th wave. Good entry point for short term, selling target is the top of wave B.
WAVE B
Wave B should take ETH up to the $1347 level, which marks the 61.8% of the Fib extension from wave 3. This may also come later as a critical resistance/support line. Good exit point for short term if you bought at the bottom of wave A.
WAVE C
Wave C will be interesting to see. There are two target levels for this wave. Target 1 is at $1100, which marks the 0% line of wave 5 and also the 61.8% line of wave 1, and this will be the first break of the diverging triangle trend. Target 2 is at $939, which marks the 38.2% line of the retracement from the entire wave 1 - 5 cycle. Great time to buy in and hold and wait for a later break out after the $1510 resistance line.
DISCLAIMER:
I'm not a financial advisor. I'm just sharing my thoughts from the way I see the market. Your trades are your own responsibilities. Always trade responsibly and only money you can afford to lose.
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