short towards 581.50 | 09 May 2018

Wave Analysis

Similar to the Bitcoin, Ethereum continues to loose value despite the previous forecasts that it could rise towards 891.51. We expect the downward rally seen for the last few days to be the unfolding of a corrective three wave cycle but should not go beyond the previous corrective wave (iv). Ideally, the immediate down trend that started earlier today, is the unfolding of the impulsive wave c to the lower side but should not go beyond 581.80. You could remain short temporarily and wait for a long term buy around 581.80 with your first target at 730.77 and the next target at 891.61.

Trade Recommendations:

short towards 581.50

The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.