Alikze »» ETH | Supercycle Bullish Wave 3 or C Scenario - 1W
2024-11-23

🔍 Technical analysis:  Supercycle Bullish Wave 3 or C Scenario - 1W 

🟢  BINANCE:ETHUSDT  Ethereum currency in the weekly time frame: As mentioned in the  previous analysis , the supply area can have two movement paths.

🟢As mentioned: The first scenario, after completing the first wave in the supply area with a correction to the support area of ​​the green box area, the range of $2,500 extended. Meanwhile, in the lower time frames, the details of the behavior of the Ethereum currency were also fully discussed.

🟢 However, in the 4-hour time frame, the ascending micro-waves of the first cycle were examined, as predicted, the ascending wave extended to the supply area of ​​3,200 to 3,500.

🟢 Therefore, the first cycle can end in the current range or slightly higher and form a zigzag correction to form a 3-of-3 ascending wave.

🟢 However, according to the movement path predicted in the previous analysis, this ascending cycle has the ability to grow at least to the 0.78 Fibo area of ​​the previous wave.

🟢 Considering that this cycle is inside a triangle, it can continue as long as the triangle base.

🔴 Important: 
Due to the application of the triangle base and the ability to grow to the supply area specified according to the Elliott scenario, this bullish cycle will be able to grow to the large supply area after breaking the 0.78 Fibo area.

Considering the current momentum and the bullish engulfing candle in the green box area, the following targets can be touched.

🎯Previous major ceiling,
🎯 Next target 6832
🎯 9357
🎯 Specified supply area (large red box)

⚠️ In addition, in the first step, considering the first bullish cycle, I expect no correction to extend to the Invalidation LVL area. ⚠️

After that, and after the previous major ceiling area is broken, the Invalidation LVL area will be updated.

In case of a change in behavior and structure, its details will be reviewed and updated.
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