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ETH/USD looking bearish – Elliott wave analysis

ETH/USD looking bearish – Elliott wave analysis
Gregor HorvatGregor HorvatWavetraders

Hello traders,

ETHUSD found a high for a hgiher degree wave A at the 487.5 level, and started impulsively turning. We now see a completed five-wave move in wave a, followed by a rally, which can be part of a correction in wave b, with resistance/bearish turn at the 368/420 region, where former swing low and high and Fib. ratios of 0.382 and 0.50 sit.

ETH/USD, 4h

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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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