“Are we there yet Daddy?”

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In our tweet on the technical condition of Etherium last Friday we suggested that our preferred count was that the rally from the September 7th low was likely only a B wave of an ongoing ABC correction. The price action since then has followed that script and a leg lower has unfolded. Thus far wave C has bounced in the area of the preceding 4th wave and 76.4% of wave A. It is too early to declare that the corrective price action has run its course. We now mark key support at 2,675 where A would equal C which is a common relationship.

Prices fell through support of the Median Line of the Schiff Modified Pitchfork (gold P1 through P3) this morning (yellow circle) in the developing C wave on the 240-min chart. Until there is a turn in the shorter term momentum oscillators the correction has not run its course.

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