Ethereum (ETH / USD) Reaches $ 280 Target - Correction or More Bullish Momentum?

Today we see that ethereum reaches the target set several weeks ago

And I will analyze another possibility of counting elliot waves that could bring the price to $ 320 dollars.

Let's see

Today's charts

Charts from 20 days ago

Elliot Wave Analysis

Analysis according to Elliot

Analyzing the graph, we can say that a 5 wave of elliot could be complete (there is a possibility that the price of an impulse to the upside more) we see that when completing the 3 wave if we measure the last bullish cycle with the Fibonacci retracement it gives us that the price touches 0.382 and rebounds. This type of pullback occurs in 4 waves, 5 waves of the bullish cycle.
If we analyze the 5 elliot wave we can define a cycle of 5 complete subwaves

We can see in the graph that the 5 waves are complete

Also at the subwave level of Elliot it could be complete

Other possibility

Elliot Subwaves

Within this 5 subwaves we can define another analysis of 5 elliot subwaves as we see in the graph

Analyzing the chart we can define a bullish sub momentum. We see the beginning of a bullish momentum, which if we analyze with sub waves of elliot we could identify the first 3 waves fulfilled and project the remaining waves of elliot

How the Target is determined

If we measure the height of the first secondary wave and its correction to the second wave, we can project a target with the Fibonacci extension for wave 3 and 5

We could consider wave 3 complete at a Fibonacci extension of 1,618 at $ 285.

This allows us to measure the target of a 5 fibanacci wave

If we apply Fibonacci extensions, we can define a possible wave 5 target, which would take the price up to $ 317 dollars

But before I should correct before completing the $ 317 dollars

The price could correct up to $ 250 to form a wave 4 of the 5 rounds of elliot. Going back further cancels this alternate count and would validate the previous analysis

Bullish

1. Target: range from $ 235 to $ 245 approx. (compliment)

2. Target: range from $ 270 to $ 280 approx. (compliment)

3. Target: range from $ 310 to $ 320 approx.

Bearish

1. Target: range from $ 250 to $ 245 approx.

2. Target: range from $ 215 to $ 220 approx.

After completing wave 5 of elliot, you need to make a price correction. It will depend until the price corrects the possibility of giving ethereum one more boost to the upside.

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
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