A little more EW Theory on ETH :D

Hello Everyone,

So what are your thoughts on this chart? It looks like we could be in a downward A wave now and then see a bounce around $500? Assuming this is truly a bullish market, of course. Otherwise, we'll likely see resistance at $500 but then fall right through. Not see high volume right now, so the latter might be more probable!

Thoughts? :)

All the best,
James

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Ended up bouncing at $509, so a bit higher than expected. Looks like we could be in the upward B wave (soft target of $120, maybe higher or lower) before starting our C wave down. Just throwing my 2 cents out there :) it seems ETH likes to follow EW right now, while BTC doesn't really.

Thoughts?

All the best,
James

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So according to my gdax chart, we hit $519.42 before going down again! Hovering at around $513 now so looking for a good buy opportunity :) in the C wave (I think...again, feedback always welcome and helpful!). We will likely see a quick little spike up around $115 or so before a bit further down. Thoughts?

All the best,
James

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Looks like we touched back up to $118 but have come back down to around $113 again. In my opinion, now we're going to test whether a proper retracement is coming up. Make sure you have stop orders!

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Yup, looks good. Down we go for that retracement ;) I think we'll likely see a nice bounce from the resistance level!