After our update on bitcoin we can fortunately focus on Ethereum which is less complex in its wave movements and the whole structure resembles a three wave (a-b-c) correction very good.
Like we stated in our Tuesday update we estimate that Ethereum established an expanded flat and the upcoming purple (c) wave should move down in a wave 5 impulse. As everyone can see on the chart, Ethereum managed to slightly break above the last high at 1679$. Nevertheless we think that this isn’t a confirmation of our alt.(i) and we remain on our opinion that this movement is a wave (b).
I will monitor Ethereum in the next hours closely and if we should push further beyond 1679$ I will update you with a bullish count regarding alt.(i)!
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
LONGERM Target: +8’000$