Hello friend! For now your ETH elliott wave analysis from apr.26 looks more valid. :)
scaramucci
⋅
@Zaph00d, You think? On the four hour chart, it's looking less and less solid to me. I'm willing to bet that it's gonna crash tonight or tomorrow. I mean, it needs to retrace one day, right& I'll put a few buy orders around 715-720. Everyone seems to be calling bull right now, but at the risk of being wrong, I'm calling bear this time :P
Zaph00d
⋅
@scaramucci, of course, a correction is inevitable. But you seem to be calling a trend reversal to downward which I believe will not (yet) happen. ETH has been totally strong for the whole week based on news and rumours. I believe we still have some space to grow or at least move sideways. Currently, I can see a max correction to the range of 750.
Of course, a lot of it also depends on BTC. As it is approaching 10k we can expect some resistance and we'll see how deep the rejection will be there.
scaramucci
⋅
@Zaph00d, Oh no, I'm not calling a trend reversal, sorry for the confusion. I'm simply calling for an good correction. The overall trend is definitely upwards. A correction of the current intermediary wave could easily bring us down to 725 (50%) (it went up since I set my order at 720). If we're looking at the end of the first primary wave, then a correction to 600 (again, 50%) is well in the cards imo. But we're not there yet :)
scaramucci
⋅
@Zaph00d, I'm really wondering if I'm looking at the divergences properly though...
scaramucci
⋅
@Zaph00d, I mean, on the day chart is a hidden divergence. Would that mean that the overall trend is actually bearish and not bullish? I'm still a bit confused about the whole hidden/regular thing :P
Zaph00d
⋅
@scaramucci, while I totally agree with your detailed explaination I can't confirm that your chart is showing exactly that. :D
Sorry, I can't help you much about charting, I'm not that good at that.
scaramucci
⋅
@Zaph00d, I'm still giving it 24 hours before admitting I may be wrong! XD
@Zaph00d, Looks like I did! I was having doubts seeing the spike the day after I wrote this, plus everyone was calling bull. I decided to stay out nonetheless. I'll see you down at 600! ;)