This path for #Ethereum was shared in the middle of November 2021 and today’s weekly closure just further elevated the odds for this count.
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 mid term EW chart.
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.
Following a strong bearish Engulfing, ETH formed another bearish candle of a similar size, setting a foundation for a Three Black Crows for the next week.
The price is below 8 EMA; the trend is bearish.
The last six candles can be viewed as a consolidation before moving lower. The next candle has a chance to be a strong red one to complete a Falling 3 Methods on 8 candles. The odds and the trend are bearish.
A daily closure above ~$3025 could flip the odds bullish. Any price below – bearish.
I split the bearish and bullish paths into two long term charts for better readability. Both remain unchanged since November 2021.
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. Not invalidated yet.
This zoomed in chart shows both red and blue paths. The chart has been practically unchanged since February 7th.
Read more of this content when you subscribe today.