ETHUSD Short Term Elliott Wave Analysis
Hello Traders,
With the recent break below 05/28/18 low (490.42), Ethereum is now showing a 5 swing incomplete sequence to the downside from 05/06/18 peak, targeting lower levels.
The cryptocurrency ended the cycle from 05/06/18 peak (840.70) as a zig-zag structure at 05/28/18 low (490.42) in black wave ((W)). Internal blue wave (A) ended at 05/07/18 low (685.71) and blue wave (B) ended at 05/14/18 peak (744.45). Below from there, it ended internal red wave 1 at 05/16/18 low (643.76), red wave 2 at 05/20/18 peak (723.86) and red wave 3 at 05/24/18 low (537.72). Up from there, it ended red wave 4 at 05/25/18 peak (615.53) followed by another extension lower in red wave 5 to complete the zig-zag correction in black wave ((W)) at 05/28/18 low (490.42).
Up from 05/28/18 low (490.42), it ended black wave ((X)) connector at the peak of 06/03/18 (630.02). Below from there, it ended internal red wave 1 at 06/05/18 low (573.57), red wave 2 at 06/07/18 peak (617.06) and red wave 3 at 06/10/18 low (495). Up from there, it ended red wave 4 at 06/12/18 peak (544.58) followed by an extension lower in red wave 5 to complete a 5 waves impulsive structure from 06/03/18 (630.02) peak in blue wave (A) at 06/13/18 low (449.26).
As long as the price stays above blue wave (A) (449.26), it should correct the cycle from 06/03/18 peak in 3, 7 or 11 swings higher before another extension lower should be seen.
With the recent break below 05/28/18 low (490.42), Ethereum is now showing a 5 swing incomplete sequence to the downside from 05/06/18 peak, targeting lower levels.
The cryptocurrency ended the cycle from 05/06/18 peak (840.70) as a zig-zag structure at 05/28/18 low (490.42) in black wave ((W)). Internal blue wave (A) ended at 05/07/18 low (685.71) and blue wave (B) ended at 05/14/18 peak (744.45). Below from there, it ended internal red wave 1 at 05/16/18 low (643.76), red wave 2 at 05/20/18 peak (723.86) and red wave 3 at 05/24/18 low (537.72). Up from there, it ended red wave 4 at 05/25/18 peak (615.53) followed by another extension lower in red wave 5 to complete the zig-zag correction in black wave ((W)) at 05/28/18 low (490.42).
Up from 05/28/18 low (490.42), it ended black wave ((X)) connector at the peak of 06/03/18 (630.02). Below from there, it ended internal red wave 1 at 06/05/18 low (573.57), red wave 2 at 06/07/18 peak (617.06) and red wave 3 at 06/10/18 low (495). Up from there, it ended red wave 4 at 06/12/18 peak (544.58) followed by an extension lower in red wave 5 to complete a 5 waves impulsive structure from 06/03/18 (630.02) peak in blue wave (A) at 06/13/18 low (449.26).
As long as the price stays above blue wave (A) (449.26), it should correct the cycle from 06/03/18 peak in 3, 7 or 11 swings higher before another extension lower should be seen.
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Update: ETHUSD ended the cycle from 05/05/18 peak (840.70) as a Zigzag structure at 06/28/18 low (493.55) in black wave ((W)). Up from there, it ended black wave ((X)) correction at 06/03/18 (629.83).
Below from there, it ended internal red wave 1 at 06/05/18 low (573.57), red wave 2 at 06/07/18 peak (617.06) and red wave 3 at 06/10/18 low (495). Up from there, it ended red wave 4 at 06/12/18 peak (544.58) followed by an extension lower in red wave 5 to end now a 5 waves impulsive structure from 06/03/18 (630.02) peak in blue wave (A) at 06/13/18 low (449.26).
Up from there, it is currently correcting cycle from 06/03/18 peak in 3, 7 or 11 swings in blue wave (B). As wave (B) bounce fails below ((X)) peak at 629.83, we expect Ethreum to turn lower again.