OK guys, I think ETH has completed Wave ( III
) of its first secular cycle move up and it is currently correcting in Wave (IV) - the most unpredictable and complex waves of all. I put it as a simple ABC
correction in order not to confuse you. However it may be a Triangle Wave (ABCDE), or Combo Wave (WXY), or even a Double Combo Wave (WYXZ). No one will tell. There are some yardsticks though. It should retrace at least 0.236 of wave ( III
) and should not last for more than 50% of the previous move time-wise. Given the 114 days to complete wave ( III
) I'd safely guess the usual 0.382 Fibonacci ratio for wave 4. That will give us 114 x 0.382 = 44 trading days from the top. So, we are looking at around Mid May for the Wave (IV) to complete.
Once we done with it we will have a final push up before a major correction.