ETHEREUM (ETH): Bearish Pattern Complete & Confirmation is Next Step

SUMMARY

As discussed before, here is the bull flag price channel that Ethereum (ETH) has been patterning out now for the past week or so. The overall Elliott Wave count still shows ABC as likely (blue). The subwavse have been entered to show more detailed progression. Blue C wave has thus far likely completed red A in five wave strokes (white). This means that red B wave bounce is expected before the C wave decline.

Here is the longer term perspective. This correction is a requisite because the blue five wave impulse had completed. The fractal of actionary to reactionary waves can't be broken. It's a healthy correction. What does one do at the terminal end of a correction?

Last week I had introduced the developming Head & Shoulders Top pattern. Well that pattern is now complete. To me, all patterns have two stages, it needs to complete and the confirm. This H&S will confirm if price declines below the neckline (blue). The minimum trajectory is around $481 or so which isn't too different from the C wave target.

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!!
--
--