Ethereum: After the Big Correction, can it reach $1600 area?
Ethereum has been following a very nice Elliott Wave structure and has been playing out nicely. The Instrument did a 5 waves advance structure from its all-time lows followed by a pullback in a 7 swings Elliott Wave WXY structure. The Following chart represents the basic structure within the Elliott Wave Theory which is the 5 waves advance followed by 3 waves back or also called an ABC correction.
Sometimes the Market does what we call a WXY structure which is a 7 swings correction or a combination of 2 ABC corrections. The following chart is showing how a WXY structure looks like which is basically the internals unfolding as a 5-3-5-3-5-3-5 sequence.
Now looking at the Monthly chart of Ethereum, we can see the 5 waves advance from its all-time lows in red I II III IV V which ended blue wave (a) at the all-time high. Below from there, it did a 7 swings pullback lower which we have been labeling as a WXY structure. In most cases, the WXY structure ends at the 100% extension area of W-X. As we can see in the chart below, Ethereum reached the 100% extension area at 97.21 and has been reacting higher since then.
Now the instrument should trade higher ideally into its all-time highs again and by breaking that peak it will open up another extension higher. The target can be thenthe 100% extension from blue (a)-(b) which comes at around $1600. That would be a fantastic return on investment.
Ethereum Weekly Elliott Wave Analysis05.15.2019
The next chart shows the Elliott Wave view from its January 2019 lows and it is a very aggressive view based on todays price action. We are labeling the move as wave 3 of wave ((3)) and going with the most aggressive view. It can be bought against the $150 lows.
Ethereum 4-hour Elliott Wave Analysis 05.15.2019
The Following video explains our view and why this is a very unique opportunity across the Cryptocurrency market.
I hope you liked this blog and I wish you all good trades. And for all who are interested in learning more about our unique blue box areas and also want to trade profitably in2019then sign up for a free 14 days trial you can cancel anytime. Click the link and seeyou insight.