Wait for a pullback towards 706.37, | 14 May 2018

Wave Analysis

Despite the previous forecast that Ethereum could rally upwards towards 891.04, this crypto declined and even went below 704.37, but could not sustain this break, instead, the price rose steadily and is currently trading above this level. As long as the price remains above 708.37, we expect a possible momentum to the upper side. Ideally, we expect the level 642.15 to have marked the end of the immediate three wave cycle, that the current upward rally is the unfolding of an impulsive wave count and should break above 891.04 towards 1000.00.

Trade Recommendation:

Wait for a pullback towards 706.37, then pick a long position towards 891.06