ETH - Starting of New Elliot Wave Formation

Elliot Wave Analysis

Must Happen Rules:
- Wave 3 can NEVER be the shortest impulse wave -> ✔️
- Wave 2 can NEVER go beyond the start of Wave 1 -> ✔️
- Wave 4 can NEVER cross in the same price area as Wave 1 -> ✔️

Help Indicators:
-Wave 5 breaks the trend line drawn off ->✔️
-Wave 3 parallel to a trend line connecting the start of Waves 3 and 5 ->✔️
-Wave 3 tends is long, sharp, and extended -> ✔️
-Waves 2 and 4 bounce off Fibonacci retracement levels ->✔️

As we can see the identified Elliot Waves checks all the musts.
Corrective pattern ABC formed, now we are seeing the start of the next Elliot Wave impulse (1).
In orange: possibility of two more correctional waves D and E before impulse wave (1)

Conclusion: Bullish 🐂

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Disclaimer: This is not financial advice.