The correction will be bigger then expected

When we analyze the markets we deal with uncertainty. At any moment we have several potential scenarios. To make the forecast easier to understand we choose one of them as preferential and keep in mind that if important supports and resistances are broken we have to adopt the alternatives and accept one of them as a new preferential. This is exactly the case with the chart of ETH/BTC. The previously described scenario is now death and we have a set of new alternatives. I will present today two of them. The chart screams bad news for the short term bulls (several days or even weeks), but for the mid term investors the prospects are pretty bullish. With support at 0.02350 broken I expect the price of Ether can slide below 0.019. I will not exclude there is a test to the bottom at 0.015. Recovery can restart at any time in the coming days or weeks but I need signals for confirmation. My new expectations are for wave 4 (blue) will unfold as a flat correction and his sub wave C (pink) needs a bigger decline before it's done.

Komentar:

There is a small possiblity for the bullish scenario to restart today but I will not depend on it.