On February 20th, the below chart was posted in the update where if a correction was coming, it'll likely be an abc and the targets of $858 or $786 were given.
Since then, price decline to $784 before bouncing and has now resumed the correction. The upper blue trend line remains as resistance.
Current price moves have been labeled with subwaves and the ZigZag (5,3,5) motion is in place. Could it be almost complete? IF the last remaining wave 4 and 5 signal completion, then perhaps a reversal could be likely.
The overall longer term bullish outlook is shown as an impulse that should take ETH to an all time high around late Summer to early Fall time frame.
Here is the ETH/BTC which is clearly within a broadening pattern. When price is at the lower trend line, I've called this the Jaws of Wealth. IF the blue A,B,C and D are complete; then the final E wave can be expected. This move would be an abc and likely a zigzag move that could raise prices towards the 0.263 BTC price zone. Overall, both the ETH/USD and ETH/BTC pairs are bullish. While usually the /USD pair leads; these two are near same which reflects strong demand for ETH.
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Elliott Wave Counting Tutorial #1
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Elliott Wave Counting Tutorial #3
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