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ETC/USD trading towards 6.0/6.2 resistance – Elliott wave analysis

ETC/USD trading towards 6.0/6.2 resistance – Elliott wave analysis
Gregor HorvatGregor HorvatWavetraders

Hello traders, today let us look at ETCUSD.

ETCUSD can be trading in a big, bearish decline labelled as a wave C, down from 7.58 high. Wave C is an impulse, therefore five legs are needed, before price may see a low, and a bullish reversal. At the moment we see price making a rally from the 5.29 level, which can be part of a corrective sub-wave iv of C, and can see potential resistance/bearish turn at the 6.0/6.2 region. That said, a completed corrective rally in sub-wave iv of C, and a sharp drop towards the 5.4 level would indicate a sub-wave v of C underway.

If we see further recovery, even above the 6.6 level, then a low for higher degree wave C can already be in place, and a change in trend underway.

Trade well,

The EW-forecast team

ETCUSD, 4h

Interested in more analysis like this? Visit us at www.ew-forecast.comand get actionable Elliott Wave charts today.

Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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