Update on ETH Elliott Wave.
Regular bearish divergence forming at this time - there was hidden bullish divergence back to back that brought us to the golden fib pocket to blast off and create Wave 3 of Extended Wave 5...
There is a bullish pennant forming, which has the lowest success rate of all chart patterns for coming to fruition (breaking out and upwards in this instance). If the pennant fails to break out and breaks down instead, the current height of the pennant would effectively reach the projected Wave 4 of Extended Wave 5.
Breakout/Breakdown will most likely occur on the .786 Fib from the larger time frame (Retracement from ATH of $4380 to swing low of $1717)
Projected Wave 4 of Extended Wave 5:
Retracement of .382 - 30% chance
Retracement of .5 - 30% chance (Most likely based on the length of the of pennant forming and there is a daily naked point of control at $3540)
Retracement of .618 - 40% chance (Also likely based on probability of Wave 4's, and it would effectively take back the liquidity pool created from $3690 to $3425)
Projected Wave 5 of Extended Wave 5:
TBD on Wave 4's retracement length.
Regular bearish divergence forming at this time - there was hidden bullish divergence back to back that brought us to the golden fib pocket to blast off and create Wave 3 of Extended Wave 5...
There is a bullish pennant forming, which has the lowest success rate of all chart patterns for coming to fruition (breaking out and upwards in this instance). If the pennant fails to break out and breaks down instead, the current height of the pennant would effectively reach the projected Wave 4 of Extended Wave 5.
Breakout/Breakdown will most likely occur on the .786 Fib from the larger time frame (Retracement from ATH of $4380 to swing low of $1717)
Projected Wave 4 of Extended Wave 5:
Retracement of .382 - 30% chance
Retracement of .5 - 30% chance (Most likely based on the length of the of pennant forming and there is a daily naked point of control at $3540)
Retracement of .618 - 40% chance (Also likely based on probability of Wave 4's, and it would effectively take back the liquidity pool created from $3690 to $3425)
Projected Wave 5 of Extended Wave 5:
TBD on Wave 4's retracement length.
