The ETHUSD market is forming a downtrend that may take the form of a double zigzag W-X-Y. To date, only the first part has been fully completed, the motive zigzag wave W. Currently, wave X is under development, which will most likely take the form of a double zigzag [W] – [X] – [Y], where the sub-waves [W] and [X] are already completed. The last motive sub-wave [Y] is likely to take the shape of a double zigzag (W) – (X) – (Y) near level 4495.50, which was marked by the motive wave [W]. Therefore, expect to see a rise within sub-wave (Y) in the shape of A-B-C zigzag in the near future, as shown in the chart.
Trading plan for ETHUSD today:
Buy 4064.90,
TP 4495.50
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