ETHE Elliott Wave technical analysis [Video]
|ETHE Elliott Wave technical analysis
Function: Major Trend.
Mode: Motive.
Structure: Impulse.
Position: Wave [iii].
Direction: Decline.
Details:
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Wave [iii] is currently halfway completed, and the necessary Fibonacci levels for wave (iii) of [iii] have been satisfied.
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This indicates that the next move will be the final leg of the wave [iii] five-wave decline.
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Wave (iv) has now begun and could complete by next week, leading to the start of wave (v).
Invalidation level: $22.00
ETHE Elliott Wave technical analysis
Function: Major trend (Minor degree, grey).
Mode: Motive.
Structure: Impulse.
Position: Wave (iv) orange.
Direction: Decline.
Details:
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Wave (iv) correction has started, and the ETF is expected to move sideways temporarily, targeting the previous fourth wave of a lower degree.
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The wave (iv) correction is likely to be shallow, especially compared to the retracement during wave (ii).
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If the price moves above $14.97, it would invalidate the current outlook and imply that wave (iv) is already underway.
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At the moment, the market is progressing through wave b of (iv).
Invalidation level: $22.00
Conclusion
The summary of the Elliott Wave analysis is:
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ETHE has now entered wave (iv) – providing a setup opportunity for short positions.
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The wave (v) decline is anticipated to result in a minimum price change of $5.
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Although the count remains valid up to $22.00, a reassessment may be needed if the price reaches this level.
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This is a critical time to strategize trades for the next impulsive move.
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Traders must follow Elliott Wave rules closely and monitor invalidation levels to avoid preventable losses.
Technical analyst: Simon Brooks.
ETHE Elliott Wave technical analysis [Video]
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