Quick look at Ethereum

Ethereum is in minute wave [v] of minor wave 1 of intermediate wave (5) of primary wave [3]. You can see four minuette waves since the minute wave [iv] low, so we should see one more push up to complete minor wave 1. As I’ve noted, the first minor wave of a new intermediate wave typically tests the previous high. There is a pivot at 4100, just shy of intermediate wave (3) top that could provide enough resistance to end minor wave 1. If it does, then we should see a minor wave 2 pullback to 2900-3100, the 50% and 38.2% retracement levels. The 3500 level would be a very bullish and shallow 23.6% retracement and also possible, but less likely as that zone lacks a key pivot.

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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1 Response to Quick look at Ethereum

  1. Pingback: Ethereum Update: Minor Wave 2 – just as predicted last week | Alphahorn's Market Musings

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