FX.co ★ Ethereum Elliott Wave analysis for 11/02/2019

Technical market overview:

The ETH/USD pair has broken out of the horizontal consolidation and on the way up the technical resistance zone located at 108.46 - 110.33 (now support) had been clearly violated. The price had made a new local high at the level of 124.10 before the local pull-back has started. The pull-back has not been finished yet as the target for bears is seen at the level of 112.15 or even 110.33. There is a clear bearish divergence between the wave (a) and wave (c) highs, so this supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 149.94

WR2 - 135.39

WR1 - 127.42

Weekly Pivot - 112.16

WS1 - 105.12

WS2 - 90.45

WS3 - 82.23

Trading recommendations:

The pair is might have completed the upward corrective cycle, so only the sell orders should be opened as close as possible to the level of 120.81 - 124.10 with a protective stop loss placed above the level of 124.61. The target is the technical support at the level of 112.15 and 110.33.