ETH Ethereum best Elliottewave counters: hour to ALL TIME
the drop from ATH was a triangle ABCDE,
from the E we made the wave 12345 that ended in a diagonal for the 5.
that has ended now.
there are 2 options now, and both are down for the short moment:
THE BULLISH CASE:
the correction wave ((4)) of V has ended.
and now the wave 1 of (1) of ((5)) of V has ended.
wave 2 of (1) of ((5)) of V typically correct 50%, 61.8%, 76.4%, or 85.4% of wave 1
here you have the full all time chart made by stevepuri (I have the same count but mine is not public, if you can not zoom out to much.
You will notice his 4th wave ended also 21 July21
MOST BULLISH COUNT:
unbeldi made a similar EW count long term here:
only his (4)blue wave is a fraction in time of his (2)blue wave
according to this count(4)green ended also with a triangle, but this (4) correction is the same degree wave as his (2) correction of 2018.
again the time differences are to huge between those 2.
Crypto, especially Bitcoin is mathematically based of a 4 year cycle. PlanB made his famous StockToFlow Bitcoin chart based on that.
static.coindesk.com/wp-content/uploads/2021/07/Screen-Shot-2021-07-05-at-2.55.25-PM-775x426.png?format=webp
here his mathematical explanation, medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
Because Bitcoin moves the whole crypto market, included ETH up till now, and PlanB proven his thesis, lets asume the Elliottewave counting needs to be based on this same 4 year mathematical cycles.
Based on this principle, stevepuri BTC ALL time chart that uses the 4 year cycles and the halvings in his EW count perfectly
take note that the halving event in EACH cycle did fall in the (3) wave, also now in this last cycle.
back to unbeldi, his short term ETH count, also had the (i) of 1 of (5)
SHORT TERM BEARISH, LONG TERM BULLISH:
eloquent does not have a triangle for 4th wave correction but comes to the same point, the (X) ends at the 0.618 FIB of the ATH to 21july21 low.
followed by the (Y) leg lower.
SHORT TERM BEARISH, LONG TERM BEARISH:
for GerardWalker the count is over at the ATH that was his 5th wave of (1) ( he uses other wave degrees, don't mistake in the degrees used by each here, just compare the tops what wave degree gives it)
he predicts the Y leg going to 1000$ or lower
KhaniTechnical seems the same count as GerardWalker
MY IDEA:
lets assume that each EW counter knows a part of the puzzle, but not the whole picture.
stevepuri long term chart based on the mathematically bitcoin 4 year cycle.
unbeldi short term chart and the bullishness for the medium term, the big 5th wave is still to come (may have started)
Let us not be to over optimistic, a grain of bearishness is needed.
GerardWalker and KhaniTechnical and eloquent are very good chartist and will have some truth in their count.
the (Y) leg the predict that will come may come. Some will count it as a (C) leg.
IN BEST CASE IT BECOMES : a running FLAT where the (Y) leg stops above the 21july21 low.
where you still can count that as wave 2 of (1) of ((5)) of V typically correct 50%, 61.8%, 76.4%, or 85.4% of wave 1
or a normal FLAT where the (Y) leg stops at the same level, or a bit lower as the 21 July21 low.
and this could be because:
Global Google search shows a clear top in May21, similar to 2018 trends.google.com/trends/explore?date=today 5-y&q=cryptocurrency
and for the search Ethereum it looks like making a Head & Shoulders pattern trends.google.com/trends/explore?date=today 5-y&q=ethereum
Binance is blocked or slowed down in many countries, you need buyers to push the price higher and that are new buyers.
Ok, ETF is coming, but we do not know when.
Ok the gas burning, makes it decentralised, but lots of competition is coming also.
Back to the charts:
short term:
and longer term:
you can see that I used the same EW counting on the RSI where you can clearly see each wave and what was a wave.
I did this for each wave degree that has its best time settings.
for the red Minor waves, the 12h is the clearest.
you can see that the triangle ABCDE formation has the same degree wave as all the other red waves on the RSI.
And for that I on purpose marked the black ((4)) on the wrong place, in the RSI you see it should be a (Y).
the blue Intermediate degrees are similar across the whole chart.
If you place value on the RSI as a wave tool, then GerardWalker and KhaniTechnical and eloquent could be right and the (Y) down is still coming.
to bet safe,
I go for the running FLAT for the (Y) as then it can be also counted as wave 2 correcting the 1 run up we just did.
Glassnode ON-chain charts are to bullish to be to bearish in the EW counting.
And the FATH world laws that are coming will be for end of October to more 2022.
they could mark the end of wave "V" but are still many months ahead.
Institutionals are on holiday, so they could make the last wave "V", but that is still some weeks away. Time enough to still make that (Y) leg.
from the E we made the wave 12345 that ended in a diagonal for the 5.
that has ended now.
there are 2 options now, and both are down for the short moment:
THE BULLISH CASE:
the correction wave ((4)) of V has ended.
and now the wave 1 of (1) of ((5)) of V has ended.
wave 2 of (1) of ((5)) of V typically correct 50%, 61.8%, 76.4%, or 85.4% of wave 1
here you have the full all time chart made by stevepuri (I have the same count but mine is not public, if you can not zoom out to much.
You will notice his 4th wave ended also 21 July21
MOST BULLISH COUNT:
unbeldi made a similar EW count long term here:
only his (4)blue wave is a fraction in time of his (2)blue wave
according to this count(4)green ended also with a triangle, but this (4) correction is the same degree wave as his (2) correction of 2018.
again the time differences are to huge between those 2.
Crypto, especially Bitcoin is mathematically based of a 4 year cycle. PlanB made his famous StockToFlow Bitcoin chart based on that.
static.coindesk.com/wp-content/uploads/2021/07/Screen-Shot-2021-07-05-at-2.55.25-PM-775x426.png?format=webp
here his mathematical explanation, medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
Because Bitcoin moves the whole crypto market, included ETH up till now, and PlanB proven his thesis, lets asume the Elliottewave counting needs to be based on this same 4 year mathematical cycles.
Based on this principle, stevepuri BTC ALL time chart that uses the 4 year cycles and the halvings in his EW count perfectly
take note that the halving event in EACH cycle did fall in the (3) wave, also now in this last cycle.
back to unbeldi, his short term ETH count, also had the (i) of 1 of (5)
SHORT TERM BEARISH, LONG TERM BULLISH:
eloquent does not have a triangle for 4th wave correction but comes to the same point, the (X) ends at the 0.618 FIB of the ATH to 21july21 low.
followed by the (Y) leg lower.
SHORT TERM BEARISH, LONG TERM BEARISH:
for GerardWalker the count is over at the ATH that was his 5th wave of (1) ( he uses other wave degrees, don't mistake in the degrees used by each here, just compare the tops what wave degree gives it)
he predicts the Y leg going to 1000$ or lower
KhaniTechnical seems the same count as GerardWalker
MY IDEA:
lets assume that each EW counter knows a part of the puzzle, but not the whole picture.
stevepuri long term chart based on the mathematically bitcoin 4 year cycle.
unbeldi short term chart and the bullishness for the medium term, the big 5th wave is still to come (may have started)
Let us not be to over optimistic, a grain of bearishness is needed.
GerardWalker and KhaniTechnical and eloquent are very good chartist and will have some truth in their count.
the (Y) leg the predict that will come may come. Some will count it as a (C) leg.
IN BEST CASE IT BECOMES : a running FLAT where the (Y) leg stops above the 21july21 low.
where you still can count that as wave 2 of (1) of ((5)) of V typically correct 50%, 61.8%, 76.4%, or 85.4% of wave 1
or a normal FLAT where the (Y) leg stops at the same level, or a bit lower as the 21 July21 low.
and this could be because:
Global Google search shows a clear top in May21, similar to 2018 trends.google.com/trends/explore?date=today 5-y&q=cryptocurrency
and for the search Ethereum it looks like making a Head & Shoulders pattern trends.google.com/trends/explore?date=today 5-y&q=ethereum
Binance is blocked or slowed down in many countries, you need buyers to push the price higher and that are new buyers.
Ok, ETF is coming, but we do not know when.
Ok the gas burning, makes it decentralised, but lots of competition is coming also.
Back to the charts:
short term:
and longer term:
you can see that I used the same EW counting on the RSI where you can clearly see each wave and what was a wave.
I did this for each wave degree that has its best time settings.
for the red Minor waves, the 12h is the clearest.
you can see that the triangle ABCDE formation has the same degree wave as all the other red waves on the RSI.
And for that I on purpose marked the black ((4)) on the wrong place, in the RSI you see it should be a (Y).
the blue Intermediate degrees are similar across the whole chart.
If you place value on the RSI as a wave tool, then GerardWalker and KhaniTechnical and eloquent could be right and the (Y) down is still coming.
to bet safe,
I go for the running FLAT for the (Y) as then it can be also counted as wave 2 correcting the 1 run up we just did.
Glassnode ON-chain charts are to bullish to be to bearish in the EW counting.
And the FATH world laws that are coming will be for end of October to more 2022.
they could mark the end of wave "V" but are still many months ahead.
Institutionals are on holiday, so they could make the last wave "V", but that is still some weeks away. Time enough to still make that (Y) leg.
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