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Ethereum Elliott Wave analysis for 13/03/2019
Technical Market Overview:
The local technical support at the level of 127.85 at the ETH/USD pair has been broken and the new low was made at 127.06. It does not look like the end of the down move as the next target is seen at the level of 125.20 and then at the wave X bottom at 121.92. The wave X at the ETH/USD market might be still unfolding into a more complex and time-consuming pattern because bulls were not able to break through the technical resistance zone located between the levels of 139.63 – 142.22.
Weekly Pivot Points:
WR3 – 160.89
WR2 – 150.37
WR1 – 143.35
Weekly Pivot – 132.11
WS1 – 124.46
WS2 – 114.39
WS3 – 108.32
Trading Recommendations:
All previous sell orders have hit the first and the second target.
Not much changed since yesterday: only sell orders should be open as close as possible to the level of 133.00 The protective stop-loss orders should be placed at 134.81 level as any violation of this level will invalidate the short-term bearish outlook. The first target is seen at the level of 125.20, then at 121.92. Any violation of the wave X low at the level of 121.92 will confirm the bearish outlook.
The material has been provided by InstaForex Company – www.instaforex.com
