Ethereum Elliott Wave analysis for 26/03/2019

Technical market overview:

The ETH/USD pair has violated the technical support at the level of 130.94 and made a new low at the level of 139.10, so the market is moving as anticipated: the wave (c) of the wave X of the higher degree is still unfolding. The nearest target now is seen at the level of 127.85 and that might be the end of the wave (c) of wave X. Please notice the Doji candlestick pattern with a top at the level of 132.45 that supports the bearish outlook.

Weekly Pivot Points:

WR3 - 140.08

WR2 - 144.31

WR1 - 138.13

Weekly Pivot - 134.32

WS1 - 128.34

WS2 - 124.63

WS3 - 118.55

Trading recommendations:

The market is still unfolding the wave (c) to the downside, so according to this bias, the sell orders should be kept open. The targets ( take profit levels) are seen at the levels of 130.94 (already hit) and 127.85.


The material has been provided by InstaForex Company -