Elliot Wave Trading
When we wrote the article about Ethereum on 9/6/2022, the price was $1799 at that moment. After exactly 10 days we were right about the further dropdown of the Ethereum. You may see our market forecast through the daily trading chart (log scale) then, which was saying that the cryptocurrency was in a bearish mood and more specifically within an (A) – (B) – (C) zig-zag pattern of Intermediate waves.
Also, we had predicted that we were in a consolidation, formed by a contracting triangle for the 4 Minor of the (C) Intermediate, and as the chart shows, the 123,6% Fibonacci extension of the (A) Intermediate was at $1314,07.
Of course, this 3-wave count Intermediate degree decline, would be the first leg of an unlabeled ((A)) – ((B)) – ((C)) flat correction or a triangle as an ((A)) – ((B)) – ((C)) – ((D)) – ((E)), or even something more downtrend aggressive as a ((W)) – ((X)) – ((Y)) double zig-zag correction.
Current Daily Range 19/6/2022: Searching for evidence that wave (C) ended
The current daily trading chart on 19/6/2022 tells us how accurate we were. Moreover, the market broke the 123,6% extension level and broke also the 161,8% Fibonacci extension level at $963,93, since it fell to $880,03.
Hence, in a hypothetical trade from the level of $1790, we would be enjoying now a +476 points profit with an estimated closed position at $1314.