Elliott wave Ethereum analysis

20 Des 2021

The ETHUSD market is forming the middle leg of the larger descending double zigzag W-X-Y, the linking wave X, which is developing as a double zigzag [W]-[X]-[Y]. The first motive wave [W] has completed as a simple zigzag. The chart is forming the final leg of the linking wave [X] as a triple zigzag (W)-(X)-(Y)-(X)-(Z). The price should be declining in the final sub-wave (Z) to the low of 3640.00, marked by the preceding motive wave (Y). After the indicated level is reached, the market could turn up and start forming the upward wave [Y].

Trading plan for ETHUSD today:
Sell 3910.10, TP 3640.00