Elliott wave Ethereum analysis 05.07.2022

The ETHUSD hourly chart displays the structure of the descending wave (5) and the final part of the triangle correction (4). These are the sub-waves of the bearish impulse wave [C]. Wave (5) is unfolding as an impulse 1-2-3-4-5, with the final sub-wave 5 developing inside as an ending diagonal [1]-[2]-[3]-[4]-[5] because wave [4] completed higher than wave [1] finished. If the presumption is correct, the price will continue falling in the final sub-wave [5] to a level of 870, where wave (5) will be 76.4% of impulse (3).

Trading plan for ETHUSD today:

Sell 1149.58,

Take profit: 870.00.

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