Alikze »» ETH | Wave 3 or rising C scenario - 8H
2024-10-11

🔍 Technical analysis:  Wave 3 or rising C scenario - 8H 

- According to the  analysis presented  in the weekly time frame, after a short growth, it has entered a corrective phase up to the green box area, so we expect it to enter an upward phase up to the dynamic trigger area.

  

- It is moving in an ascending channel in the 8-hour timeframe.

- The 2062 range of wave B correction is over.

- After the demand in the range of 2062, a complete movement cycle in the form of 5 waves towards the ceiling of the growth channel has continued.

- A double top has been created in the area of the channel roof, which has entered a correction phase after that.

- The corrective phase has completed a 5-wave cycle to the origin of the movement of the 2310 range.

After that, it has a three-wave pattern up and a three-wave correction that can now enter the 3-of-3 microwaves.

- In the first step, this upward cycle can continue until the supply zone (the first red box), after which it can have a short correction.

💎After that, it is expected that the big wave 3 in the middle of the channel, after a temporary correction, will enter the next bullish phase to the second red box range.

💎Therefore, the second step of the movement can have the goals of 3200 to 3500.

⚠️ In addition, in case of touching the range of 2151, the bullish scenario in the 8H time frame will be invalidated and should be reviewed and updated again. ⚠️
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