Elliott Wave Analysis on Ethereum (ETH/USD)
Major Wave Structure
1. Primary Waves
• W-X-Y-XX-Z: The chart begins with a complex corrective structure indicating a prolonged corrective phase.
• 1-2-3-4-5: Following the complex correction, an impulsive wave structure is apparent, suggesting the beginning of a new trend.
2. Subwaves
• Each primary wave consists of smaller-degree waves, identified using numerical (1, 2, 3, 4, 5) and alphabetical (A, B, C) labels.
Detailed Breakdown
Corrective Phase (W-X-Y-XX-Z)
• Wave W: Indicates an initial corrective phase, typically forming a zigzag pattern.
• Wave X: A connecting wave that can take the form of a triangle, flat, or zigzag.
• Wave Y: Another corrective wave similar to wave W.
• Wave XX: Another connecting wave, similar in structure to wave X.
• Wave Z: The final corrective phase in the complex structure.
Impulsive Phase (1-2-3-4-5)
• Wave 1: Initial impulsive wave marking the beginning of a new trend.
• Wave 2: Corrective phase, typically retracing part of wave 1.
• Wave 3: The strongest and usually the longest wave, often extending to 161.8% of wave 1.
• Wave 4: Another corrective wave, usually less severe than wave 2.
• Wave 5: Final wave in the impulsive phase, often displaying divergence with indicators like MACD or RSI.
Fibonacci Levels
• Fibonacci retracement levels are crucial in identifying potential reversal points and are marked on the chart:
• 23.6% Retracement: Around 3367.855, indicating a potential resistance level during a pullback.
• 38.2% Retracement: Near 3279.830, suggesting a significant support level.
• 50% Retracement: Often considered a strong support or resistance level, located around 3219.320.
Future Projections
1. Current Scenario
• The chart indicates that Ethereum is currently forming wave (2), which is expected to continue downwards, with potential support around 3279.830 or 3219.320.
2. Wave (3) Projection
• After completing wave (2), an upward impulsive phase (wave (3)) is likely to begin. This wave could extend towards new highs, potentially targeting levels above the previous peak of wave (1).
Conclusion
• Short-Term: Expect a downward correction in wave (2), with support around 3279.830 or 3219.320.
• Medium-Term: A strong upward movement is expected to follow in wave (3), potentially reaching new highs.
• Long-Term: Continuation of the upward trend in waves (4) and (5), with final targets determined by the extent of wave (3).
Trading Strategy
• Entry: Consider entering long positions near the end of wave (2), using Fibonacci support levels around 3279.830 or 3219.320 as potential entry points.
• Stop-Loss: Place stop-loss orders below the 50% retracement level to protect against deeper corrections.
• Targets: Set initial profit targets around the previous peak of wave (1) and adjust positions based on the development of wave (3).
1. Primary Waves
• W-X-Y-XX-Z: The chart begins with a complex corrective structure indicating a prolonged corrective phase.
• 1-2-3-4-5: Following the complex correction, an impulsive wave structure is apparent, suggesting the beginning of a new trend.
2. Subwaves
• Each primary wave consists of smaller-degree waves, identified using numerical (1, 2, 3, 4, 5) and alphabetical (A, B, C) labels.
Detailed Breakdown
Corrective Phase (W-X-Y-XX-Z)
• Wave W: Indicates an initial corrective phase, typically forming a zigzag pattern.
• Wave X: A connecting wave that can take the form of a triangle, flat, or zigzag.
• Wave Y: Another corrective wave similar to wave W.
• Wave XX: Another connecting wave, similar in structure to wave X.
• Wave Z: The final corrective phase in the complex structure.
Impulsive Phase (1-2-3-4-5)
• Wave 1: Initial impulsive wave marking the beginning of a new trend.
• Wave 2: Corrective phase, typically retracing part of wave 1.
• Wave 3: The strongest and usually the longest wave, often extending to 161.8% of wave 1.
• Wave 4: Another corrective wave, usually less severe than wave 2.
• Wave 5: Final wave in the impulsive phase, often displaying divergence with indicators like MACD or RSI.
Fibonacci Levels
• Fibonacci retracement levels are crucial in identifying potential reversal points and are marked on the chart:
• 23.6% Retracement: Around 3367.855, indicating a potential resistance level during a pullback.
• 38.2% Retracement: Near 3279.830, suggesting a significant support level.
• 50% Retracement: Often considered a strong support or resistance level, located around 3219.320.
Future Projections
1. Current Scenario
• The chart indicates that Ethereum is currently forming wave (2), which is expected to continue downwards, with potential support around 3279.830 or 3219.320.
2. Wave (3) Projection
• After completing wave (2), an upward impulsive phase (wave (3)) is likely to begin. This wave could extend towards new highs, potentially targeting levels above the previous peak of wave (1).
Conclusion
• Short-Term: Expect a downward correction in wave (2), with support around 3279.830 or 3219.320.
• Medium-Term: A strong upward movement is expected to follow in wave (3), potentially reaching new highs.
• Long-Term: Continuation of the upward trend in waves (4) and (5), with final targets determined by the extent of wave (3).
Trading Strategy
• Entry: Consider entering long positions near the end of wave (2), using Fibonacci support levels around 3279.830 or 3219.320 as potential entry points.
• Stop-Loss: Place stop-loss orders below the 50% retracement level to protect against deeper corrections.
• Targets: Set initial profit targets around the previous peak of wave (1) and adjust positions based on the development of wave (3).
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