Cautious on Calling Correction Complete
Ether confirmed the red count on my charts, the expanded flat. Again, as stated on the main board yesterday, an expanded flat is not bearish, though it is a nuisance. But it is bullish, as the trend was hard to unwind, trying to breakout in B before failing. Ether, as stated is bullish over $94 for the swing trade, but ideally I'd like to see $104 hold the .618 retrace.
As for Bitcoin, I realize now that I never had the flat on my Bitcoin, analogous to Ether, but I have talked about it. It has taken that route, obviously, as we did not complete my diagonal in white, and so have pulled back to swing support. But as stated many times, the swing is in play until we hit $3320 is breached, the .764. Right now Bitcoin has nailed the .618 retrace, but I do not yet see it as done until it sees 5 waves up over $3900, and $4200 is better. Both coins can complete their corrections right here if the correction is a WXY as is so common in cryptos, but until we see a proper 5 up I am cautious with saying that.
If 5 up here, over $3900, we have a WXY bottom likely. I consider the correction complete over $3200 regardless of correction. Note targets are moved back up to 'normal pinball' targets because we don't have a low wave 1 of three to suggest we are following low pinball, as the one I was tracking, the diagonal, was invalidated. There is no reason yet to say this can't drop down to $3320.
Ether can also be complete as a WXY but I'd rather see a larger (4) as per my chart. But over $138 in 5up suggests it is complete with confirmation happening when last night's highs are taken out. I would be surprised to see $104 in Ethereum, and this diagonal, confirmed with a wave 1 that is three waves, points more clearly at $110-113 at the moment. But deep flushes happen. Again, I am bullish over $94.
GBTC has already gone deep in to iv support. Note I've also added a secondary bullish count in red. As the structure here is more like ABC up for 1 in red. However, I really believe if this count which is really not high probability, to hold, we should see Bitcoin bottom tomorrow or early morning.
ETHBTC has made further progress in wave 2. Honestly, this chart was a good tell for the top, as it was a good tell of a bottom coming. I have known this chart is a 'canary' but I need a reminder sometimes. Note that we may have seen all of wave 2 here the .382 but we can't trust that until we see 5up.