ETHEUR – fighting to stay in the channel
First time posting, so take with a pinch of salt.
This is how a bullish case for ETHEUR can develop as I see it.
I'm taking the peak of €794 as wave 1, which therefore makes the correction we are currently undergoing wave 2. Assuming a 1:1 fib extension, wave 3 should be hitting highs of €862 in the coming days – PROVIDED THAT we do not fall outside of the channel by more than a wick on a medium timeframe.
I believe we're making our way towards the end of an ascending triangle, so I'll be looking to buy on the breakout, which I'm calling out to be €771-774, i.e. above the double top of the correction and a touch above wave (iv) of the preceding wave 5.
For clarity, I've put fib retracement numbers on the left, and extension numbers on the right.
This is how a bullish case for ETHEUR can develop as I see it.
I'm taking the peak of €794 as wave 1, which therefore makes the correction we are currently undergoing wave 2. Assuming a 1:1 fib extension, wave 3 should be hitting highs of €862 in the coming days – PROVIDED THAT we do not fall outside of the channel by more than a wick on a medium timeframe.
I believe we're making our way towards the end of an ascending triangle, so I'll be looking to buy on the breakout, which I'm calling out to be €771-774, i.e. above the double top of the correction and a touch above wave (iv) of the preceding wave 5.
For clarity, I've put fib retracement numbers on the left, and extension numbers on the right.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.