ETC/USD Trading Towards 6.0/6.2 Resistance – Elliott Wave Analysis

www.investing.com/analysis/etcusd-trading-towards-6062-resistance--elliott-wave-analysis-200529522

By Gregor Horvat | Jul 02, 2020 04:11AM ET

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ETC/USD can be trading in a big, bearish decline labelled as a wave C, down from 7.58 high. Wave C is an impulse, therefore five legs are needed, before price may see a low, and a bullish reversal. At the moment we see price making a rally from the 5.29 level, which can be part of a corrective sub-wave iv of C, and can see potential resistance/bearish turn at the 6.0/6.2 region. That said, a completed corrective rally in sub-wave iv of C, and a sharp drop towards the 5.4 level would indicate a sub-wave v of C underway.

If we see further recovery, even above the 6.6 level, then a low for higher degree wave C can already be in place, and a change in trend underway.

ETC/USD 4 Hour Chart

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ETC/USD Trading Towards 6.0/6.2 Resistance – Elliott Wave Analysis

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