As discussed before, here is the bull flag price channel that Ethereum (ETH) has been patterning out now for the past week or so. The overall Elliott Wave count still shows ABC as likely (blue). The subwavse have been entered to show more detailed progression. Blue C wave has thus far likely completed red A in five wave strokes (white). This means that red B wave bounce is expected before the C wave decline.
Here is the longer term perspective. This correction is a requisite because the blue five wave impulse had completed. The fractal of actionary to reactionary waves can't be broken. It's a healthy correction. What does one do at the terminal end of a correction?
Last week I had introduced the developming Head & Shoulders Top pattern. Well that pattern is now complete. To me, all patterns have two stages, it needs to complete and the confirm. This H&S will confirm if price declines below the neckline (blue). The minimum trajectory is around $481 or so which isn't too different from the C wave target.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?