Hi Elliotticians, ETHUSD made an impulsive drop from the 3309 lvl., which confirmed a completed correction in 4, and now a wave 5 to be underway, ideally towards the Fib. projection target of 0.5, and towards the lower parallel channel line (3105/3080 area).
Once wave 5 fully develops with its five-wave sub-structure and finds support, that is when a new A-B-C recovery can be in the making. A sharp, impulsive rally in this case would suggest a completed wave 5 of a bigger impulse, and an A-B-C recovery.
If price continues lower, decisively below the 3180 mark, then we may be looking at a wave 3 of a higher degree, and more weakness in view.
Take care.
Once wave 5 fully develops with its five-wave sub-structure and finds support, that is when a new A-B-C recovery can be in the making. A sharp, impulsive rally in this case would suggest a completed wave 5 of a bigger impulse, and an A-B-C recovery.
If price continues lower, decisively below the 3180 mark, then we may be looking at a wave 3 of a higher degree, and more weakness in view.
Take care.
