“NO, WE ARE STILL NOT THERE YET” – by The Market’s Compass

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On Monday, the selloff in Ethereum reversed at a degree that marked Wave A (in pink) equaling Wave C (a typical relationship in an ABC correction) suggesting that the corrective section for the reason that September third excessive might need run its course (see day by day chart above). On Wednesday morning the rally adopted via however yesterday the rally started to fizzle out (observe the Doji at P3, see 240- min chart beneath) and early this AM a pointy reversal developed that broke TDST help at 2,883.70. Though the pullback has held median line help of the newly drawn Customary Pitchfork (gold P1 via P3 at yellow circle) there was a flip in worth momentum on the 240-min time-frame. Solely a rally again above Cloud resistance at 3,170 would change our “wait and see” stance.

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