Elliot Wave might be too premature, just decided to mess with it giving there are strong fundamentals on ETC.
Wave 2 can bounce on fib retracement level and start wave 3. Not convinced on this...
However, we also seem to be near the neckline of a H&S which could bring us down, giving there is lack of buying volume and the general trend is down. This could create a double bottom giving another chance to buy in and pick up volume. That would probably give us more upwards momentum, which atm seems pretty dead.
Wave 2 can bounce on fib retracement level and start wave 3. Not convinced on this...
However, we also seem to be near the neckline of a H&S which could bring us down, giving there is lack of buying volume and the general trend is down. This could create a double bottom giving another chance to buy in and pick up volume. That would probably give us more upwards momentum, which atm seems pretty dead.