If you are looking to buy more ETH, this is a great place to add to your positions.
If you look back in the charts, ETH tend to move sideways for a long time before it moves up. This $720 area is a great support area to build a position from. I doubt it will fall much more from here, more people would just buy it up if it falls more. With the current ICO crackdown, this can only be good for ETH because the new batch of ICOs to appear would not be scam coins but coins with real projects that we can trust.
Disclaimer - This is for educaitonal purposes only.
I don't use elliot wave, I don't use indicators of any kind, I trade just reading the chart as it is and drawing some lines. I find it is the best method for me, beats using indicators that are lagging and giving you late signals.