ETC/USD trading towards 6.0/6.2 resistance – Elliott wave analysis
|Hello traders, today let us look at ETCUSD.
ETCUSD can be trading in a big, bearish decline labelled as a wave C, down from 7.58 high. Wave C is an impulse, therefore five legs are needed, before price may see a low, and a bullish reversal. At the moment we see price making a rally from the 5.29 level, which can be part of a corrective sub-wave iv of C, and can see potential resistance/bearish turn at the 6.0/6.2 region. That said, a completed corrective rally in sub-wave iv of C, and a sharp drop towards the 5.4 level would indicate a sub-wave v of C underway.
If we see further recovery, even above the 6.6 level, then a low for higher degree wave C can already be in place, and a change in trend underway.
Trade well,
The EW-forecast team
ETCUSD, 4h
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