$ETH sitting at a fork in the road — two counts in play, both valid until the market picks one.
Preferred read: ABC correction with an extended C wave. The 2.618 extension of A lands around $2,319, though C could wrap early. Clean three-wave structure, typical correction behavior.
Alternative: Bearish impulse 1–2–3, current bounce is wave 4, then one more leg down completes the five-wave sequence. Less ideal but can't ignore it.
Invalidation levels matter here. Sustained break above $2,630 tilts toward the ABC corrective count — that's your signal the downside is done. Fresh low below the recent pivot keeps the bearish impulse alive and downside risk open.
This is classic Elliott Wave ambiguity at a decision point. You don't force the count — you let structure confirm it. Trade what develops, not what you want. Manage risk tight, stay flexible, and respect both scenarios until one breaks.
Preferred read: ABC correction with an extended C wave. The 2.618 extension of A lands around $2,319, though C could wrap early. Clean three-wave structure, typical correction behavior.
Alternative: Bearish impulse 1–2–3, current bounce is wave 4, then one more leg down completes the five-wave sequence. Less ideal but can't ignore it.
Invalidation levels matter here. Sustained break above $2,630 tilts toward the ABC corrective count — that's your signal the downside is done. Fresh low below the recent pivot keeps the bearish impulse alive and downside risk open.
This is classic Elliott Wave ambiguity at a decision point. You don't force the count — you let structure confirm it. Trade what develops, not what you want. Manage risk tight, stay flexible, and respect both scenarios until one breaks.