Last time we said:
‘Looking for another push higher above $23'300 to complete 5 waves up’
We broke to a high of $23'800 before trading sideways, to complete what I believe is the wave (iv) triangle correction. We should now see a push towards the $25'900 next target level. Once this 5 wave move is complete we will see a deeper correction enabling us to buy in the $20'500-$22'000 level. But we are looking for higher immediately. The divergence in the MACD, the downwards sloping green arrow, adds weight to a larger correction lower is imminent so look to reduce longs at the target level and look to rebuy on the subsequent wave 2 correction. We remain long term bullish unless $16'400 breaks.
Last time I said:
‘we should make a new high towards the top of the channel and the $1'800 area to complete 5 waves up in wave 3. However the divergence in the MACD hints that once done a correction down towards the $1'500/$1'550 level will provide us with the opportunity to rebuy with stops remaining at $1'230 level’
ETH traded in a corrective triangle all week so we should see the move higher over the coming days with new targets towards the $1'900 level. As last week once complete we should see a correction lower enabling us to rebuy in the $1'380/$1'470 area with stops remaining at $1'230.