Elliott Wave analysis for Ethereum 16.08.2022

The ETHUSD market is developing an upward corrective trend. Correction [B] is likely to be completed as a double zigzag (W)-(X)-(Y). Now the last part of this double zigzag, the sub-wave (Y), is under construction. Judging by the internal structure, it will take the shape of a simple A-B-C zigzag, where sub-wave A is an impulse, sub-wave B is a zigzag correction and sub-wave C is also an impulse [1]-[2]-[3]-[4]-[5], which is still being formed. Soon, the price may rise in sub-waves [3]-[4]-[5] to the level of 2209.00, as shown in the chart. At this level, the entire major correction [B] will be 50% of the previous impulse wave [A].

Trading plan for ETHUSD for today:

Buy 1873.64,

Take profit: 2209.00.

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