Ethereum Elliott Wave analysis for 07/02/2019

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Ethereum Elliott Wave analysis for 07/02/2019:

New local low made during the downtrend resume, more to follow?

Market technical overview:

The ETH/USD market has made a new local low at the level of 98.49 after breaking below the support at 99.26. Despite this new low, the price bounced towards the technical resistance at the level of 103.45 and made a new local high at the level of 104.45. The move down is only in three waves, so it is still possible the wave (B) is unfolding and more horizontal price action will be made soon. This is why I have put the question market at the EW count as there is more than one scenario at this market right now.

Weekly Pivots:

WR3 – $120.96

WR2 – $116.15

WR1- $109.20

Weekly Pivot – $103.98

WS1 – $97.56

WS2 – $92.53

WS3 – $85.86

Trading recommendations:

All of the recommended target levels have been hit (101.56, $100.31 and $99.07), so all the sell order should now be closed with profit as the market is entering the consolidation cycle. No good trading setup is present at the market currently, so it is better to stand aside for a while and wait for a good signal as the waves are unfolding.

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

Source:: Ethereum Elliott Wave analysis for 07/02/2019

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