Elliott wave Ethereum analysis

27 Des 2021

The ETHUSD market is forming a downtrend that may take the form of a double zigzag W-X-Y. To date, only the first part has been fully completed, the motive zigzag wave W. Currently, wave X is under development, which will most likely take the form of a double zigzag [W]-[X]-[Y], where the sub-waves [W] and [X] are already completed. The last motive sub-wave [Y] is likely to take the shape of a double zigzag (W)-(X)-(Y) near level 4495.50, which was marked by the motive wave [W]. Therefore, expect to see a rise within sub-wave (Y) in the shape of A-B-C zigzag in the near future, as shown in the chart.

Trading plan for ETHUSD today:
Buy 4064.90, TP 4495.50