The THICK green at the bottom is the most likely place where we will find the strongest support (and hopefully stop falling). The thick red line on the right is the place where Goldman Sachs analyst predicted us to stop the correction (1/3rd of the time it took us to get to the ATH ).
Regarding , you see clear divergence, at first we accelerated and our next fall was higher than the , but now we fell down thru the uptrend of , meaning we are turning bear by the hour. Either we fall now or touch one of those fancy colored higher and fall then after the last bull trap.
is looking to die down too, which is also a signal.
Now, scenario: We pass both of those crazy colored with biased and we skyrocket higher, after retesting the new support (in those fancy-colored ) an the turns too. Then we can go long. But right now it looks pretty nasty. So if I were to short it (which I am doing) is to short it now and have the stop loss at least 50-70 dollars above those fancy colored lines and have my target at the bottom thick line. This should be a HUGE trade on Risk to Reward ration. Good luck.
Pro-tip: for conveniece, press "share" - "make it mine" to get the zoomable and editable copy of this graph at your disposal.
I will also add an perspective here later in the update, but there isn't much to see, it's one of the agreed upon, conventional EWs at the moment.
Oh, and my 2 cents on sentiment analysis. I don't believe we have seen the bottom at 2980 recently cause once that happens (the real final bottom), r/ethtrader frontage will be full of posts and comments as the most upvoted. This is when you know you have seen the bottom - when the majority (95%) have already sold. When people sell it they are biased, that's how human emotions and biases work, that is sort of common knowledge. Also, by simple logic - when the majority (95%) sell, there is no one left to sell anymore. The price literally can't go down any lower. What about 5%? Well, my friend, you can be one of them and I hope I am one of them who sold now.
If you have any questions ask away. If you see that I made a mistake please do correct me, as I am horrible with EWs.
TA-wise there are still things to cross on the checklist and we haven't even fallen out the wedge yet. But I feel this is probably starting already.
You can check it yourself, and use this graph for more precise small-time trades if you click "share" - "make it mine".