Weekend Update: 2.0 Should hold this Advance

13 Agu 2022

Over the last week Ethereum extended into my target box and as of last night has followed through on my earlier forecast to extend past my original target of $1948. Having surpassed the 1.786% Fibonacci level, we now look to the very important 2.0% extension ($2110.00) to bring this pattern to its close. Additionally last week I wrote that the ETH pattern is full. To clarify, when an Elliott Wave pattern is full that doesn’t mean the security has topped or bottomed. It means upon the conclusion of the current move; a counter move will now begin. From a trading perspective, no responsible trader would be involved after a full pattern has revealed itself.

Let’s examine the micro pattern of this latest move higher below to see where this price action could conclude.

Micro Wave 5 (Purple) shows this move higher started as a leading diagonal. We know that because of how price overlapped in all 5 waves. We are in what appears to be the wave 4 retrace before OMH (one more high) to conclude wave 5 of C of IV. Could ETH extend past the 2.0 Fibonacci level? Sure. There’s is no rule in Elliott Wave Theory that forbids this. Nonetheless, it doesn’t excuse the fact that the pattern is now full and we’re working on the final machinations of the small-time frame final waves.

Best to all,



Chris