Last time we mentioned
‘A break of 28950 should see an acceleration to the downside . Failure to break there and a move back above 31895 would signal that a larger triangle correction is playing out with a test of the 35750 / 36510 area.’
Since my last update we rallied higher in a larger correction. Above I am showing a 3 wave correction is underway or the start of larger triangle ( if we fail to make new highs from here ). If correct then we should see a push to above 41570 towards the 43k level. Lets look at the short term chart next to see where we stand.
In this 30 minute chart you can see we have retraced to just above the 50% level and although it is possible that we can see another push towards the 34000 level whilst above the 32800 level we will look for the final push higher in 5 waves to complete wave C at the levels mentioned on the previous page. Look to buy dips with stops below 32800.
The sell of we were expecting failed to break the 1700 level and accelerate lower with good buying interest coming in at the 1715 low. The depth of the sell off overnight from the 2431 highs hints at our preferred count that Ethereum is currently tracing out a corrective triangle before the next sell off. A break of yesterday high will signal that a larger correction is underway with targets above 3000.