ETHEREUM (ETH) Bullish Outlook
Below chart contains the original markings from previous update. The abc is a zigzag that completed and it was shown that ETH was in a corrective mode projected to about $796 or so. Price is now sitting beneath the belly of the upper line of resistance. The overall pattern is similar to that of Bitcoin (BTC) and the uniformity of sentiment is creating a high pattern similarity index.
The bullish scenario could have curren price move at the onset of wave 3 which would breach the upper blue line. Using Fib of 2.618 of wave 1 for wave 3; that'll be at approximately $1,947 or so. Some might call this crazy but I call the analysis as I see it. I often take my very first impression upon looking at a chart as such have been the most informative.
The alternate calls for a lower abc where the correction is not yet complete. Regardless, this would be a different count but with the same destination. Video has more details!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?