#ETH – Elliott wave 12345: retrace before the ascent?

In recent days, #Etherium has generated a high gain, rising from € 283 of 2018/03/28 to € 694 of yesterday’s maximum 2018/05/05. Today it is traced to € 642, it could be a wave of Elliott 12345 and then soon there may be a lift?

We immediately start by proposing in the image 1 the price chart of the # ETH, with daily timeframe:

Image 1: Tradingview – 2018-05-06 – Timeframe 1 day – ETH possible wave of Elliott 12345

From a graphic analysis of the prices the Elliott 12345 wave seems a valid hypothesis and would suggest, in the short term, a further increase in prices.Furthermore the prices seem to be true in a bullish type channel. Also the high volumes generated in this period on the Etherium would support this hypothesis of recovery.

A further positive signal is provided by the ‘ ADX and DI depicted in image 2on a daily timeframe:

Image 2: Tradingview – 2018-05-06 – ETH – Timeframe 1 day – ADX and DI

We can see how the adx is about to cross the 25K line, if this happens it would underline that it is not just a phase of price lateralization.

The signs are positive, but you have to be careful and always look for a price match. Especially in the current retracement phase it is appropriate to fix the appropriate stop loss or, alternatively, exit the market waiting for signals to ascend and then start the next wave.