Today $ETH confirmed the Dark Cloud Cover of yesterday. Next target, as forecasted before, would be 1700-1600.
If it makes a lower low, I would consider the whole structure off the Top as a motive wave. It would mean that the correction is not complete – after a multi-week see-saw movements, it should be another wave down, though it is a bit early to talk about it.
If ETH does not make a lower low in the next several days, there is a possibility that the wave B is already in progress.
Let’s see whether ETH hits a lower low in the next few days and I’ll cover a few options in my weekly update tomorrow.
- A very strong bearish candle is developing on the monthly scale.
- If $ETH goes below 1423.20, a triple-digit price should not be a surprise.
Latest Weekly Analysis:
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The call on May 16: