ETF Elliott Wave technical analysis {Video]

ETF Elliott Wave technical analysis

Function: Identifying the major trend.

Mode: Motive.

Structure: Impulse.

Position: Wave [iii].

Direction: Downtrend.

Details:

• Wave [iii] has progressed halfway, and key Fibonacci levels for wave (iii) of [iii] are now met.

• The next phase marks the final segment in the 5-wave sequence of wave [iii].

• Currently, wave (iv) is underway. It’s expected to end within the next week, followed by the beginning of wave (v).

Invalidation level: $22.00

ETF Elliott Wave technical analysis

Function: Tracking minor trends.

Mode: Motive.

Structure: Impulse.

Position: Wave (iii) in orange.

Direction: Downtrend.

Details:

• Wave (iv) correction has started. The ETF is expected to move sideways near the end point of the previous 4th wave of a smaller degree.

• This correction likely won’t be deep, based on how wave (ii) retraced.

• If price overlaps $14.97, the current wave structure becomes invalid, signaling that wave (iv) may already be in progress.

Invalidation level: $22.00.

Conclusion

• ETHE has entered wave (iv), positioning itself for a short trade setup.

• Wave (v) could drive a decline of at least $5.

• Even though the count remains valid at $22.00, alternate scenarios will be reviewed.

• Now is the time to prepare for the next market move.

• Sticking to Elliott Wave guidelines and monitoring invalidation levels helps traders avoid unnecessary risks.

Technical analyst: Simon Brooks.

ETF Elliott Wave technical analysis [Video]