Ethereum Elliott Wave analysis for 05/03/2019

Technical market overview:

The ETH/USD pair has made another lower low on its way down, this time at the level of 121.89. The bounce from this level is shallow as the price is testing the broken trend line from below. The next target for bears is seen at the level of 116.15 - 114.00 area, which was a consolidation zone for the wave 2 of the old wave C of W. Any breakout below the 125.00 support will accelerate the sell-off.

Weekly Pivot Points:

WR3 - 152.52

WR2 - 146.84

WR1 - 137.53

Weekly Pivot - 130.71

WS1 - 121.63

WS2 - 115.38

WS3 - 106.41

Trading Recommendations:

All sell stop orders from yesterday from the level of 125.00 should now be closed with profit. There is another opportunity to open fresh sell orders around the level of 125.20 again with take profit at the level of 122.00. All sell orders from the last week should be still kept open with a target set at the level of 116.15.

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

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