Hello traders, Ethereum in daily timeframe , this analysis has been prepared in daily timeframe but has been published for a better view in 2 day timeframe.
Based on the count we had for this currency, the 1st, 2nd and 3rd major waves are over, and we called the four-wave the main 4 wave, considering that the trend was not formed in the direction of the 3rd major wave.
In previous analyzes, we compared wave 4 with wave 2 and said that this wave was shallow and short in time compared to wave 2, which was deep and time consuming.
… But given the recent descent of wave 5 from c zigzag , it changed the notion that wave 4 would be a shallow wave, as well as the structure we had in mind for the wave.
Our view now is that wave 4 is formed in the form of a zigzag , which is almost complete, or in the form of a flat, the c wave of which will be shorter than the other waves.
Generally:
We are inside wave b of flat or wave 1 of 5. (And the structure is very far from expected within the x-wave )
Defining the recent trend, considering the 0.88% decrease of wave b compared to wave a, we assume that the pattern will be more like a flat, and from this flat-wave-b- is being formed.
Wave b probably completes its waves a and b and now forms wave c, and to completely confirm this wave, it is necessary to completely break the bottom of the channel.
If the downward warning range is broken, we are still in the descending phase.
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