Ethereum (ETH): A Minor & Healthy Correction

in eth •  6 months ago

SUMMARY

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.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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?

Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Thanks for this post.

Thanks for the logical explanation. It makes sense that after a 5 uptrends for there to be a reversal, reversals are healthy because This "correction" is small. I don't understand how the MACD indicator shows a swing up? Can someone explain this? This feels like a self-fulfilling prophecy.

Eth will soon 1000-1200$ zone...
It's Awsome and massive move will enjoy soon
Grab asa much as u can

Good insights! Eth is a strong buy IMO. I'll just wait to drop a little more

Excellent article about the cryptocurrency!