Price swing currently from the end of minor wave 3 (in red) up to ~$20.79 has been identified as a minor wave 4 position.
Ethereum classic based on this analysis is therefore in a minor wave 5 position. The implication of this is for Ethereum classic to close lower than $14.51 (the termination point of minor wave 3) before any bullish move can be sustained.
Point of invalidation (POI) for this analysis is a price close above minute wave ((ii)) of minor wave 5 i.e. $19.32, before Ethereum classic closes below $14.51.