Nothing goes up straight without corrections and Ethereum (ETH) is no exception. The short term wiggles and squigles can often seem like a fish out of the water; this is why one needs to be longer term greedy. To me, this longer term is at the daily degree of trened that spans several to many months and not minutes or hours or a few days.
To give perspective, the below chart shows how price went up in a five wave climb and it was done is a very uncanny manner. What happens after five waves complete? Elliott Waves states that after five waves, there must be a requisite correction or retracement. IF that's the case currently with ETH, then that retracement has started. Would it be a very deep correction? It's possible but more probable for it to retrace around 0.38 to 0.5 Fib levels. IF this is a genuine trend reversal, and I believe it is; then sentiment will overall remain buoyed and lift the Cryptosphere and be supported by the MACD indicator swing up as well.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?