ETHUSD Medium Term View

This is not financial advice as it is just for my own entertainment, to keep track of my analysis using Elliot Wave Theory and Guidelines.

Rule 1: Wave 2 cannot retrace more than 100% of Wave 1. (Verified)

Rule 2: Wave 3 can never be the shortest of the three impulse waves. (Verified, since Wave 3 is already longer than Wave 1)

Rule 3: Wave 4 can never overlap Wave 1 (Verified, if Wave 4 has finished).


As for the guidelines:

Guideline 1: When Wave 3 is the longest impulse wave, Wave 5 will approximately equal Wave 1. (Verified, this will set the target for Wave 5 at around 50-30 USD)

Guideline 2: The forms for Wave 2 and Wave 4 will alternate. If Wave 2 is a sharp correction, Wave 4 will be a flat correction. If Wave 2 is flat, Wave 4 will be sharp. (Quite true, Wave 2 was sharp and Wave 4 was more flattish)

Guideline 3: After a 5-wave impulse advance, corrections (abc) usually end in the area of prior Wave 4 low. (Still to come if my count is correct)


Happy Trading!