ETHUSD - Elliott Wave Counts & Forecast - Wave 4 Possibilities
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This chart captures my current analysis for ETH during the remainder of the Wave 4 correction and revises my prior counts.
If the trend continues, a dip down to the 200 support area, will mark wave (C) of C of 4 (technically "W" in Elliott Wave terminology because this correction is a combination, and not a simple zig-zag, or flat, or triangle). A healthy climb and retracement of the decline back to the 340 area marking "X", slightly extending the bounce off W that marked A of B of 4. Then a final deeper move back down to or into the support zone.
A more bullish alternative is that wave sub-move A of B of 4 is actually the "X" location. But that move was so quick, this is from where my hesitation arises. If that were the case, the approaching low in the 200 area, mark the "Y" conclusion of Wave 4. As long as this correction has drawn out, while it feels longer, it has only been a month.
Another continuin concern I have is the influence of BTC over the entire crypto currency space. There has been no resolution to the questions about whether a hard fork, the SegWit2x proposal, or other proposals will reach consensus prior to BIP148 activating August 1st. When BTC dives, the entire crypto currency space suffers, often more violently and at more extreme level of Beta. When BTC complete it's Wave III move, it dragged every other major crypto down with it, this was seen especially so during the decline to (A) of A of W and (C) of A of W for ETH. So if there are BTC problems, around August 1, as there is no "consensus" and instead the warring camping fight over BTC's future history, expect a third test of the Support Zone for Ether.
elliottwave.net/educational/basictenets/basics3.htm
If the trend continues, a dip down to the 200 support area, will mark wave (C) of C of 4 (technically "W" in Elliott Wave terminology because this correction is a combination, and not a simple zig-zag, or flat, or triangle). A healthy climb and retracement of the decline back to the 340 area marking "X", slightly extending the bounce off W that marked A of B of 4. Then a final deeper move back down to or into the support zone.
A more bullish alternative is that wave sub-move A of B of 4 is actually the "X" location. But that move was so quick, this is from where my hesitation arises. If that were the case, the approaching low in the 200 area, mark the "Y" conclusion of Wave 4. As long as this correction has drawn out, while it feels longer, it has only been a month.
Another continuin concern I have is the influence of BTC over the entire crypto currency space. There has been no resolution to the questions about whether a hard fork, the SegWit2x proposal, or other proposals will reach consensus prior to BIP148 activating August 1st. When BTC dives, the entire crypto currency space suffers, often more violently and at more extreme level of Beta. When BTC complete it's Wave III move, it dragged every other major crypto down with it, this was seen especially so during the decline to (A) of A of W and (C) of A of W for ETH. So if there are BTC problems, around August 1, as there is no "consensus" and instead the warring camping fight over BTC's future history, expect a third test of the Support Zone for Ether.
elliottwave.net/educational/basictenets/basics3.htm
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