This path for #Ethereum was suggested in the middle of November 2021 and today’s weekly closure elevates the odds that it will be followed.
The original chart is below.
This overview contains (open access):
– a discussion on the daily and weekly candles and technical events;
– a long term Elliott Wave forecast;
– a short term EW chart and targets.
This post is part of the Weekly Analyses series that InvestingAngles offers to the followers and subscribers. The series covers the US and global major indices; VIX, DXY, commodities, Bitcoin and Ethereum, and some large cap stocks.
The weekly formed a strong bearish Engulfing. The odds flipped bearish and the move was supported technically.
The last four candles were consolidating before moving lower. The formation is bearish and the odds are bearish as well.
I split the bearish and bullish paths into two long term charts for better readability. Both remain unchanged for several months. With today’s strong bearish weekly closure, ETH also invalidated the motive wave structure for the wave upwards. This move for various reasons changes the primary counts. Now the blue is primary.
Main hypothesis: ETH completed a Super Cycle wave (I) and waves A and B of (II); is working on wave C of (II).
ETH has completed wave C of IV. As the wave off the bottom could still form an Ending Diagonal for wave V.
Mid and Short Term
This zoomed in chart shows both red and blue paths. The chart is practically unchanged since February 7. I also added a micro chart with preliminary targets.
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The quarterly odds remain bearish and the monthly ones are somewhat neutral. The weekly and daily odds flipped bearish.
A continued move lower towards the specified above targets has a much higher probability now.
A daily closure above $3408 will flip the daily odds bullish. Until it happens, the odds stay bearish.