ETF Elliott Wave technical analysis {Video]
|ETF Elliott Wave technical analysis
Function: Identifying the major trend.
Mode: Motive.
Structure: Impulse.
Position: Wave [iii].
Direction: Downtrend.
Details:
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Wave [iii] has progressed halfway, and key Fibonacci levels for wave (iii) of [iii] are now met.
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The next phase marks the final segment in the 5-wave sequence of wave [iii].
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Currently, wave (iv) is underway. It’s expected to end within the next week, followed by the beginning of wave (v).
Invalidation level: $22.00
ETF Elliott Wave technical analysis
Function: Tracking minor trends.
Mode: Motive.
Structure: Impulse.
Position: Wave (iii) in orange.
Direction: Downtrend.
Details:
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Wave (iv) correction has started. The ETF is expected to move sideways near the end point of the previous 4th wave of a smaller degree.
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This correction likely won’t be deep, based on how wave (ii) retraced.
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If price overlaps $14.97, the current wave structure becomes invalid, signaling that wave (iv) may already be in progress.
Invalidation level: $22.00.
Conclusion
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ETHE has entered wave (iv), positioning itself for a short trade setup.
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Wave (v) could drive a decline of at least $5.
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Even though the count remains valid at $22.00, alternate scenarios will be reviewed.
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Now is the time to prepare for the next market move.
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Sticking to Elliott Wave guidelines and monitoring invalidation levels helps traders avoid unnecessary risks.
Technical analyst: Simon Brooks.
ETF Elliott Wave technical analysis [Video]
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