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​ Ethereum: After the Big Correction, can it reach $1600 area?


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Ethereum: After the Big Correction, can it reach $1600 area?

Ethereum has been following a very nice Elliott Wave structure and has been playing out nicely. The Instrument did a 5 waves advance structure from its all-time lows followed by a pullback in a 7 swings Elliott Wave WXY structure. The Following chart represents the basic structure within the Elliott Wave Theory which is the 5 waves advance followed by 3 waves back or also called an ABC correction.

Sometimes the Market does what we call a WXY structure which is a 7 swings correction or a combination of 2 ABC corrections. The following chart is showing how a WXY structure looks like which is basically the internals unfolding as a 5-3-5-3-5-3-5 sequence.

Now looking at the Monthly chart of Ethereum, we can see the 5 waves advance from its all-time lows in red I II III IV V which ended blue wave (a) at the all-time high. Below from there, it did a 7 swings pullback lower which we have been labeling as a WXY structure. In most cases, the WXY structure ends at the 100% extension area of W-X. As we can see in the chart below, Ethereum reached the 100% extension area at 97.21 and has been reacting higher since then.

Now the instrument should trade higher ideally into its all-time highs again and by breaking that peak it will open up another extension higher. The target can be thenthe 100% extension from blue (a)-(b) which comes at around $1600. That would be a fantastic return on investment.

Ethereum Weekly Elliott Wave Analysis05.15.2019

Ethereum

The next chart shows the Elliott Wave view from its January 2019 lows and it is a very aggressive view based on todays price action. We are labeling the move as wave 3 of wave ((3)) and going with the most aggressive view. It can be bought against the $150 lows.

Ethereum 4-hour Elliott Wave Analysis 05.15.2019

Ethereum

The Following video explains our view and why this is a very unique opportunity across the Cryptocurrency market.

I hope you liked this blog and I wish you all good trades. And for all who are interested in learning more about our unique blue box areas and also want to trade profitably in2019then sign up for a free 14 days trial you can cancel anytime. Click the link and seeyou insight.



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Elliottwave-Forecast.com  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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