Ethereum Elliott Wave analysis for 01/03/2019

Technical market overview:

The ETH/USD pair has been trading inside of the narrow horizontal zone located between the levels of 132.00 - 139.62 as the market participants haven't decided yet where to go from here. Moreover, despite the rising upward momentum, the move down has not been completed 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, but any violation of the level of 140.89 likely invalidate this scenario and wave (c) will be then considered done.

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:

Due to the fact that the wave (c) is still not completed, only sell orders should be opened again on any corrective move up. The volatility might get limited now, as the market is still trading inside of the horizontal zone. Levels to keep an eye on for a potential breakout are 140.89 (for more upside) and 130.96 (for more downside).

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

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