In our tweet on the technical situation of Etherium final Friday we prompt that our most popular rely was that the rally from the September seventh low was possible solely a B wave of an ongoing ABC correction. The worth motion since then has adopted that script and a leg decrease has unfolded. To this point wave C has bounced within the space of the previous 4th wave and 76.4% of wave A. It’s too early to declare that the corrective worth motion has run its course. We now mark key assist at 2,675 the place A would equal C which is a standard relationship.
Costs fell by way of assist of the Median Line of the Schiff Modified Pitchfork (gold P1 by way of P3) this morning (yellow circle) within the growing C wave on the 240-min chart. Till there’s a flip within the shorter time period momentum oscillators the correction has not run its course.