Ethereum Elliott Wave analysis for 28/01/2019:
The last wave to the downside continues
Market technical overview:
After completing the corrective wave 4 in a form of a Triangle pattern (it might be some version of complex correction thou), the bears have broken below the technical support at the level of 108.46 finally. The current low is around the level of 103.80, but the projected target for wave 5 of the wave A is seen at the level of 100.15 - 98.17 zone. Please notice the momentum accelerates, so the traders might expect the price to arrive at the destination level quite quickly, maybe even during today's trading session.
When the wave A is completed, then a corrective bounce to the upside is being expected as the wave B of the bigger degree will start to unfold. The targets for the wave B will be projected once wave A is completed.
Recommendations:
All seel orders should be kept open with the target at the projected zone between the levels of 98.17 - 100.15.
The material has been provided by InstaForex Company -
www.instaforex.com