Elliott Wave analysis of ETH/USD for 12/04/2019

Technical market overview:

The whole impulsive structure on the ETH/USD market might have been completed at the level of 182.84 with a failed fifth wave, so now the corrective cycle might have started already. The price has made another lower low at the level of 156.21 during the corrective cycle, but the bulls have been fighting for the technical support at the level of 156.91 and the candle has closed with a long down shadow. This indicates the current support zone is located between the levels of 156.21 - 159.44 and the bounce in the wave (b) might be in progress.

Weekly Pivot Points:

WR3 - $226

WR2 - $201

WR1 - $186

Weekly Pivot - $162

WS1 - $146

WS2 - $120

WS3 - $106

Trading recommendations:

The target for short-term sell orders at the level of 159.44 has been hit, so these orders should be closed now. There is a possibility of a bounce in the wave b from the current price levels, so short-term buy orders might be opened with a protective stop-loss placed just below the level of 156.21. The target is seen at the level of 170.35.


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