EthereumShort
ETH/USD - 07-04-2020 - Bear count
In this count, I've assumed we have just finished wave 1 and are currently in wave 2.
Main motivations for wave 1.:
1. extended impulse wave 3
2. alternative waves 2 and 4 (in time)
Main motivations for wave 2:
1. Lot's of price overlap and three waves structures, which indicates a correction is happening.
2. Price is increasing, but volume is declining.
I don't think this wave 2 is finished yet, because of the following observations:
1. Price didn't retrace yet to 61.8% (but it's close).
Currently we are in wave 5 of wave C. But difficult to tell if wave 5 is already finished.
Main motivations for wave 1.:
1. extended impulse wave 3
2. alternative waves 2 and 4 (in time)
Main motivations for wave 2:
1. Lot's of price overlap and three waves structures, which indicates a correction is happening.
2. Price is increasing, but volume is declining.
I don't think this wave 2 is finished yet, because of the following observations:
1. Price didn't retrace yet to 61.8% (but it's close).
Currently we are in wave 5 of wave C. But difficult to tell if wave 5 is already finished.
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