empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

23.01.201910:44 Forex Analysis & Reviews: Ethereum: third-wave rally to begin soon

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 23.01.2019 analysis

As you can see on the two-day chart, there's a huge bearish double zigzag pattern, which could be wave (2). Previously, we had a massive bullish rally in impulsive wave (1). Also, we've got a finished zigzag in wave Y of (2), as shown on the 480-minute chart on the right. In this case, we're at the early stages of another bullish trend.

The last upward price movement is likely the first wave of wave ((i)). Considering a possible ending of the second wave, we should keep an eye on the 1.618 multiple of wave (i) at 241.04 as the nearest target for wave (iii) of ((i)). Meanwhile, it's worth to mention that if the price goes through this level little later on, there'll be a green light for a longer extension in wave (iii).

Wave ((c)) of Y has finished as an impulse with an extension in the third wave, resulting in a developing of a five-wave advance in wave (i). As we can see on the chart above, this price movement subdivides into five waves, which labelled as i-ii-iii-iv-v. Then, a bearish correction took place.

It's likely that wave (ii) has ended as a flat pattern. There're a zigzag in wave a and a double zigzag in wave b. Finally, a bearish impulse in wave c with an ending diagonal pattern in wave ((5)) finished this structure. Also, the 0.618 retracement of wave (i) at 110.50 has acted as support, so there's a pullback from this level, which provides strong evidence of the ending of wave (ii). Under these circumstances, we're going to have the first wave (labelled as i) of wave (iii) in the coming hours.

InstaForex Analyst
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off