ETHUSD - Elliott Wave Counts - Wave IV Update

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Has ETH reached reached a near term low? The 134 level is near a 78.6% Fibonacci level, a steep and deep decline from its 420 high. The a-b-c-d-e decline to what may mark A of an A-B-C corrective wave may be in place. Potential exists to climb up to a B counter correction level, before resuming a decline to mark its lows at point C of 4. Time will tell.

Internal factors affecting ETH's price include AltCoin (token) ICO's pricing in ETH, then selling their ETH to lock in fiat funds to do the actual development work. Said differently, fund in ETH, and then sell the ETH to lock in funding. Their motivation is much different than investor's motives. With a lot of token ICOs yet to come this summer and fall, it's a wild guess as to how the ETH price level will play out.

Then there are the affects and impacts of BTC's moves. The leader of the crypto space tends to drag most or all large cap AltCoins with it when it moves. More questions than answers.

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Standby - Doing research on another feed for ETH, I have uncovered older data than that from the Coinbase feed. Data that goes back to the beginning of ETH. Hence my current count that supposed it was in Wave 4, having completed a top at Wave 3. Well it just isn't correct.

Based upon the Kraken data feed, research I have preformed at Etherscan, etherscan.io/, and now integrating the Elliott Wave, wave personality characteristics, It is much more readily apparent that the recent high above 400 has marked the conclusion of Wave 5, and the current correction scope and scale should cover the entire trading history. Among other changes, the Fibonacci retracement location of my current estimate of corrective wave A, will be revised up to a 61.8%, based upon the whole of the move. The data does include the hard fork splitting off ETC. blog.ethereum.org/2016/07/20/hard-fork-completed/