ETH - The relief rally is done, downtrend resumes
This bounce looks corrective and confined within the black channel aka bear flag represented by WXY and each of that can be decided by a 3 wave pattern ABC. The final ABC also looks done with A:C = 1:1 and price within the red channel, with 5 waves (blue) done in the C wave
To be safe we wait for confirmation below the 4th wave at $182
The Fibs of WXY are similar to the first green ABC
X and B retraced 50%
Y and C bounced to 0.786 of W and A respectively
To be safe we wait for confirmation below the 4th wave at $182
The Fibs of WXY are similar to the first green ABC
X and B retraced 50%
Y and C bounced to 0.786 of W and A respectively
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Zooming out, the local top was rejected at 0.618 Fib, a good turnaround area
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Readjusted count for the fake pump, nevertheless waiting for confirmation below $182 was prudent. Now price dropped out of the red channel
Continuing our assumption for a bearish bias
Continuing our assumption for a bearish bias