ONE44 Analytics where the analysis is concise and to the point
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.
For the ONE44 Fibonacci rules and guidelines to help with this article, go here.
Charts are courtesy of Barchart.com
From the 10/5/21 update,
When we move out to the longer term it is now at 78.6% of the 9/7/21 high and 9/22/21 low, this is 50,150. The first part of the 78.6% rule is, "any market that holds 78.6% should go 78.6% of where it just came from." This makes the target on a break from here 42,180. As we always say, "you have to watch all the retracements on any moves to see just how weak, or strong the market is", and if it can only get back to 38.2% at 46,350, it will keep the current leg up positive and you can look for new highs for the move.
Failing to get any kind of break from 50,150 and a solid close above it, should send the market up to 57,150, this is 78.6% of the ATH and June low. There is also a major Gann square in that area at 57,700.
As you saw, the market had no setback from 50,150 and that set it up to go to 78.6% of the June low and ATH, this is 57,150 and there is also a major Gann square up at 57,700.
With the new high we have two key lows to retrace to, the first is the low on 9/22/21 and the second and most important is the 6/22/21 low. There are two sets of combination retracements to look for on any setback, first is 50,100, this 23.6% back to the June low and 38.2% to the 9/22/21 low. Holding this level on any setback will keep the long term very positive. The send set is at 45,800, this is 61.8% back to the 9/22/21 low and 38.2% back to the June low and this makes it the long term swing point.
Failing to get any setback from 57,150 and closing above the 57,700 Gann square should send it to our long term target of 67,700. There is one other major Gann square to watch for resistance before then at 62,470.
Ethereum had hit 78.6% of the ATH on 9/3/21 and it is testing 78.6% (3750.00) of that high now. Failing to take this level out keeps it in a large trading range that can take it back down to 61.8% of the September high and June low, this is 2610.00. Any break from the current high that holds 38.2% of the current rally at 3290.00 keeps the trend very positive and you can look for them to take out the recent high and once above 7806% you can look for the long term target of 4825.00.
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