Ethereum is complying with the analysis done days ago. Today wave 4 could form at 420 dollars, already expected in yesterday's analysis.
Today we will see if etheruem could still reach $ 520 dollars or if it will continue to correct the price?
Today we will continue with the analysis of ethereum
Let's see
Yesterday I did an analysis of Ethereum following an ascending channel, sometimes it has broken at the top reaching a trend line and the price has rebounded at the time of doing this analysis
Today begins to correct the price, at the time of making this analysis the price is at $ 430 dollars.
Elliot wave analysis
Analysis according to Elliot
I have updated the elliot waves considering that Ethereum continues with its bullish cycle, without having a correction that suggests that the main cycle of 5 main elliot waves is complete.
Analyzing the graph, we can say that we are in wave 3 of 5 main elliot waves.
Elliot Subwaves
Within these 5 main waves we can analyze and define elliot subwave cycles
We can identify a new cycle 5 subwaves of elliot as we see in the graph
Analyzing the chart we can define a bullish sub momentum. We see the beginning of a bullish momentum, that if we analyze with sub waves of elliot we could identify the first 3 waves fulfilled and project the remaining waves of elliot
In subwave 1 the price reached $ 411 dollars and 2 corrected the price to approximately $ 360 dollars, reached wave 3, reaching $ 485 dollars and today we are seeing a setback to $ 430 dollars.
As we see today, we could be fulfilling wave 4 of the 5 subwaves of elliot that could take the price up to $ 520 dollars in wave 5
Yesterday we announced a correction up to $ 430 dollars and at this time the price is complying with the analysis.
How is the objective determined?
If we measure the height of the first secondary wave and its correction to the second wave, we can project a target with the Fibonacci extension for waves 3 and 5
We could consider wave 4 complete in a Fibonacci extension of wave 0 and 3 with the retracement at 4, to project a wave 5 at 0.618
This allows us to measure the target of a 5 fibanacci wave
If we apply Fibonacci extensions, we can define a possible wave 5 target, which would take the price up to approximately $ 525
If you go back more than $ 410, cancel this elliot analysis
Bullish
Target: between $ 235 and $ 245 approximately. (compliment)
Target: range from $ 270 to $ 280 approx. (compliment)
Target: range from $ 310 to $ 320 approx. (compliment)
Target: range from $ 350 to $ 360 approx. (compliment)
Target: range from $ 510 to $ 520 approx.
Other possibility
We must always consider the downside possibilities of a wave 4
Bearish
- Target: between $ 370 and $ 350 approximately.
After completing the 5 sub-rounds of elliot, you must perform a price correction. It will depend until the price corrects the possibility of giving ethereum a further boost to the upside.
What you think?
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