Ethereum Elliott Wave analysis for 28/02/2019

Technical market overview:

The ETH/USD pair has made another wave down and the technical support at the level of $125.83 has been hit. The market bounced from that level and erased most of the losses, but is still trading below the level of $139.69, which is the key level to the upside. Moreover, the move down does not complete yet as the wave (c) is way too short compared to wave (a), so traders should wait for another wave down to occur. The target for wave (c) is still seen at the level of $116.15.

Weekly Pivot Points:

WR3 - $194.12

WR2 - $178.15

WR1 - $157.27

Weekly Pivot - $142.41

WS1 - $118.18

WS2 - $105.73

WS3 - $81.97

Trading recommendations:

The target for the sell orders has been hit at the level of $125.83 so now the sell orders should be closed with profit. Due to the fact that the wave (c) is still not completed, only sell orders should be opened again on any corrective move up. Any violation of the level of $140.89 invalidates the short-term bearish scenario.

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The material has been provided by InstaForex Company - www.instaforex.com

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