Elliott wave Ethereum analysis

16 feb 2022

The ETHUSD market is forming the beginning of a bearish wave that could be an impulse. The first part of the potential impulse, sub-wave [1] has completed as a leading diagonal. The second sub-wave, correction [2] has completed as a double zigzag (W)-(X)-(Y), having retraced impulse [1] by 76.4%. The price should be declining in impulse sub-wave [3] to a level below the low of 2827.00, marked by sub-wave [1].

Trading plan for ETHUSD today:
Sell 3122.89, Take profit: 2827.00.