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ETH/USD Elliott Wave Forecast 12th May to 26th May 2020

ETH/USD Elliott Wave Forecast 12th May to 26th May 2020

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ETH/USD Elliott Wave Forecast

ETH/USD Elliott Wave Forecast in 4 hours chart

Based on technical analysis ETH/USD Elliott Wave Forecast, the bullish trend is present in ETH/USD pair, 4 hours time frame based on ETH/USD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of ETH/USD pair is going to rise up to prints a Bullish Impulse wave Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has ascended.

Strong key support level is present at 145.51 price area which is originating point of Bullish impulse wave i leg. In my judgment, price action in ETH/USD pair is now going to move sideways to down. Next expect further rise in price action to complete a Bullish Impulse wave pattern – wave iii. So, market is going to remain bullish on a short term to medium term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, current Bullish trend is part of a Bullish Elliott wave pattern, wave C leg in higher time frame.

Currently, Bullish impulse Elliott wave pattern, wave iii leg looks in-complete. So, a good idea is to look for a possible buy trading chance to join up trend around 188.50 price area. However; if price of ETH/USD pair breaks below 145.51 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade market and re-do ETH/USD Elliott wave analysis in four hours chart.

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Now, at this point; I must acknowledge that the trend is bullish in higher time frame of ETH/USD pair.

ETH/USD Elliott Wave Forecast in daily chart

Below is the daily chart of ETH/USD pair with my Elliott wave forecast which shows us a big picture and a bit weak bullish trend.

ETH/USD Elliott Wave Forecast

To me; price is has printed Bearish corrective wave B leg. Now, I expect price action in ETH/USD pair to rise up to complete motive wave pattern. Next, price is going to prints a medium term top as well. Overall price action is printing a Bullish Zig Zag corrective wave pattern. Within Bullish Zig Zag corrective Elliott wave pattern, all sub-waves must sub-divides into 5, 3 and 5 waves pattern.

The following Elliott Wave Bullish Zig Zag wave diagram shows us a completed Bullish Zig Zag corrective pattern within the frame work of Elliott wave principle.

Bullish Zig Zag

The bullish Zig Zag wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of highs (rises) and lows (retracements). Bullish Zig Zag Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Zig Zag Elliott wave pattern looks like. If a trader knows what a bullish Zig Zag pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.

A Bullish Zig Zag consists of two Impulse Elliott wave patterns, joined by a B wave. We use A English alphabet to label first impulse Zig Zag wave leg and we use C English alphabet to label second Impulse Zig Zag wave leg. Please take a note that Bullish Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main down market trend.

Based on my ETH/USD using Elliott Wave in daily chart, we have got a complete bearish wave B leg. So, market is now going to rise up to prints bullish Impulse wave C leg. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways. Next, expects a bullish leg in market to take the price towards new highs as bearish Wave B has completed.

To me; in four hours chart of ETH/USD pair the bearish wave ii leg which is part of a higher degree wave C motive wave pattern in daily chart is just a bearish pull back in an up trend. As mentioned above as Bearish Zig Zag leg inside a 4 hours chart.

Strong key support level is present at 78.72 price area in ETH/USD daily chart. So, I expect market to first move sideways for next coming trading days and then may be start moving up. So, in my opinion market is going to remain bullish overall. And on a medium to long term basis, expects a sideways to bullish leg in market. Next, market is probably going to resume the Bullish trend after that in ETH/USD pair, in daily chart.

Now, when an existing Bullish Elliott Wave Weekly Forecast in ETH/USD is going to fail?

Well, the forecast is good for about next two weeks time. And price should stays above 78.72 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 78.72 support area will end an up trend. It will also fail bullish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade the market and re-analyze ETH/USD daily chart.

Summary

Based on ETH/USD Elliott Wave Weekly Forecast the trend is up in daily chart. A good idea is to look for a buy trade around 208.10 price area. As price action is going to rise up towards 527.15. But a clear bearish break down in price action below 78.72 vital support area will end up trend. On a medium term basis, it is a bullish trend in ETH/USD 4 hours time frame.

A good idea is to take a buy trade around 188.50 price level. Next, price is probably going to rise up more towards 270.23 price level. However; if price of ETH/USD pair breaks below 145.51 vital support level then bullish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.

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