Ether (ETH/EUR) has broken the pennant pattern to the upside in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, Ether began a five wave advance on December 25, 2016 in the four-hour chart. The wave one finished on December 29, 2016, and the wave two ended on December 31, 2016. The wave three finished on January 4, and the wave four correction ended on January 12. I believe Ether is currently in the wave five, which should takeout the January 4 peak.
(Chart courtesy of Tradingview.com)
Looking at the daily chart, Ether started a wave one advance on December 6, 2016. The wave one finished on December 8, and the wave two correction ended on December 25, 2016. I believe Ether is currently in the wave three.
(Chart courtesy of Tradingview.com)
In the weekly chart, Ether began a wave one in October 2015. The wave one ended in June 2016, and the wave two finished on December 6, 2016. I believe Ether is currently in the wave three, which should takeout the June 2016 peak.
(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Ether.
If you think this analysis is correct, upvote this post and upvote the comment "Ether will takeout the October 18, 2016 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Ether will drop below the December 6, 2016 low".
If you think Ether is in a range, upvote this post and upvote the comment "Ether will stay in a trading range between the December 6, 2016 low and the October 18, 2016 peak until February 23".
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