The cryptocurrency pair Ethereum Classic against the U.S. Dollar (ETCUSD) continues moving mostly sideways in a complex corrective structure that suggests the Elliott wave formation as a Double Three Pattern.
The Elliott wave perspective of ETCUSD in its short-term picture, reflected in its 8-hour chart, exposes the advance of the price development in a complex correction that began on March 13th, when the cryptocurrency pair found support at 3.234.
Once ETCUSD found fresh buyers at level 3.234, the price developed its first three-wave structure as a flat pattern of Minuette degree labeled, which, once completed, ended the wave ((w)) of Minute degree identified in black. The following corrective structure corresponds to an ascending triangle, which acts as a connective wave or wave ((x)).
The breakout of the upper guideline that connects the end of waves (b) and (d) of Minuette degree activated a new corrective sequence identified that corresponds to an extended flat pattern, which its wave (c) is the extended wave in the third internal wave. This situation leads us to observe that its fifth wave failed in the possibility to reach a new higher high and began a corrective sequence as a new wave ((x)).
Once completed, the advance of wave ((y)) of Minute degree in blue at level 7.480 reached on May 05th. The decline observed corresponds to wave ((x)) and finished as a failure ending at 5.659 on May 11th, from where the price action started to advance in a triangle structure. The current ascending triangle in progress looks incomplete and belongs to wave ((z)) in black.
On the other hand, the RSI oscillator currently moves in the range between levels 40 to 60, which leads us to observe that the cryptocurrency pair advances in a neutral zone.
In consequence, considering that ETCUSD moves inside a complex correction identified as a triple three, which currently looks incomplete and runs in a neutral bias, our preferred positioning remains in the neutral side until the completion of the long-term structure.
Finally, while the cryptocurrency pair ETCUSD remains moving below level 8.891, the price action will continue on the bear market side.