Elliott Wave analysis of ETH/USD for 08/04/2019

Technical market overview:

The ETH/USD pair has broken above the wave (3) top at the level of 177.13 and made a new swing high at the level of 183.34. The bottom of the wave (4) has been established at the level of 152.01 and since then the market has made three waves up, so the move upwards is still not completed. The target for the wave (5) is seen at the level of 200.00, but it will be made at the bearish divergence between the momentum and price.

Weekly Pivot Points:

WR3 - $226

WR2 - $201

WR1 - $186

Weekly Pivot - $162

WS1 - $146

WS2 - $120

WS3 - $106

Trading recommendations:

The longer-term buy orders should remain open and the protective stop-loss might be moved higher to the level of $170. The daytraders should keep an eye on the level of $177 as any breakout below this level would indicate a deeper correction and further wave (4) development.

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

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