Ethereum Elliott Wave analysis for 14/03/2019
One more leg down needed to complete the wave X
Technical Market Overview:
The Elliott wave scenario has been updated and the wave X at the ETH/USD market might be still unfolding into a more complex and time-consuming pattern because bulls were not able to break through the technical resistance zone located between the levels of 139.63 - 142.22. The current most probable pattern is a Double Three corrective cycle, which needs one more wave to the downside in order to complete the cycle. The first target for this wave is seen at the level of 125.20 and below at 121.92.
Weekly Pivot Points:
WR3 - 160.89
WR2 - 150.37
WR1 - 143.35
Weekly Pivot - 132.11
WS1 - 124.46
WS2 - 114.39
WS3 - 108.32
All previous sell orders have hit the first and the second target.
Not much changed since yesterday: only sell orders should be open as close as possible to the level of 133.00 The protective stop-loss orders should be placed at 134.81 level as any violation of this level will invalidate the short-term bearish outlook. The first target is seen at the level of 125.20, then at 121.92. Any violation of the wave X low at the level of 121.92 will confirm the bearish outlook.
The material has been provided by InstaForex Company - www.instaforex.com