A bounce in ETH/USD coming - Is the correction over? That is the question!

ETH/USD is mired in a wave 2 correction. There is a good chance that a bounce is due but it is still too early to say whether this bounce is the start of the larger uptrend, or there is one more low to come. This is because the nature of corrective waves makes it such that the fractal can prolong after a bounce and make one more low and still be a corrective fractal (three waves, where the first wave is three waves and so on).

It is not possible to be certain whether wave 2 is over yet, or whether this is only the A wave of wave 2. Only time will tell.

Here is what I am seeing:

My preference at this time is that this low at 642 is the A-wave of wave 2, and a bounce that will likely target 760-783 is coming, followed most likely by one more trip lower to 550. I would be really happy to see ETH/USD at 550 as that would give a lot of confidence that this correction is likely over and that would be, for me, a great buying opportunity. If the price takes out the prior high, that would then also shift the probabilities in favor of wave 2 being completed. One trading strategy could be to wait till the price breaks out above 833 and then buy the next dip, to target 2243+. Or if buying now, use a tight stop -- stops are a must in trading in my opinion to protect against runaway losses.

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Disclaimer: I am blogging these ideas for educational and informational purposes only. Please
consult your financial adviser(s) and do your own due diligence before any trading activity.
This post is not a solicitation to buy or sell anything!