ETHUSD is still developing corrective 2nd wave structure...We have 2 potential H&S and iH&S pattern formations.
Bullish iH&S (red) with right shoulder around 750-700$ and bearish one (blue) with potential right shoulder ~880$.
Maximum target profit for bearish H&S goes exactly to the recent low around 570$. In my opinion technically we should see at least retest of recent lows in coming days/weeks. I see potential extension of this corrective structure toward 420-440$ where goes the alltime trendline and 0.706retr of whole upward swing.
Recent upward movement was clear 3-3-5 (ABC) correction marked as X wave. With that in mind we should develop Y wave of WXY correction, and that would end 2nd wave corrective structure.
Trade responsibly.
Bullish iH&S (red) with right shoulder around 750-700$ and bearish one (blue) with potential right shoulder ~880$.
Maximum target profit for bearish H&S goes exactly to the recent low around 570$. In my opinion technically we should see at least retest of recent lows in coming days/weeks. I see potential extension of this corrective structure toward 420-440$ where goes the alltime trendline and 0.706retr of whole upward swing.
Recent upward movement was clear 3-3-5 (ABC) correction marked as X wave. With that in mind we should develop Y wave of WXY correction, and that would end 2nd wave corrective structure.
Trade responsibly.