Look like the take on Elliot Theory has ended it's wave 5 lower than predicted. However, we are still trending along the parallel channel. My take is we are resetting Elliot Theory again. Looking at MACD and Stochastics on Daily TF, they are giving very bullish indicators. 60k is coming in couple of days time.
I commented previously we are in the Wave 5 of an Elliot Wave. Currently, we are seeing a micro Wave and we are at Wave 3. We will be heading towards 58k in a weeks time and retrace to 54k before hitting 64k. As you can see, the micro Wave 5 (blue bubble) and the bigger Wave 5 (green bubble) are very close
I have charted based on Elliot's Theory on the Daily timeframe and we are in the Wave 5. If we zoom in to the 4H, we can see the micro Wave 1 and 2 completed and in the early of Wave 3. Elliot's rules were applied in the micro Wave 1 and 2 which gives us very strong confidence this is a Wave 3.
The fundamentals of an Elliot Wave are respected, therefore if we are past the Wave 4 and moving into Wave 5 we could (i) hit wave A in 1.618 fib level at 56k and drop or (ii) the many predictions at 64k / 65k where the principle of Wave 5 = Wave 1.
MACD, Stoch, RSI already shown signs of reversal from the bottom.
Obvserving Ascending Broadening Wedge. This will confirm when the candle bounce at the orange trend line
Elliot Wave 1-5 already completed and we are in Wave A. However it is not yet Wave B until we see a bullish candle close
MACD - Hist < 0, looking for it to reverse between Wave A - B
Stoch - K & D is below 20, signs of a reverse is...
Looks like there is a very obvious Elliot Wave on the USDJPY on the 4H timeframe, but it does not fully follow the rules on the ABC Correction Wave. Things look bullish on the chart, but if we bring out the MACD, Stoch and RSI,
* MACD Histogram is lower than the previous candle
* Stoch D>K
* RSI > 60 and close lower than previous candle
I am picking up Elliot Wave theory and applying the wave rules to ETH. I am following the rules set on wiki for Wave 1-5 and looked further on the Wave A-C elsewhere. From the theory and rules, we already hit Wave 5 and starting our Wave A. I projected Wave A-C based on the fib levels. Looking at the rules we might be retracing back to $900
All criticisms welcome :)