Elliott Waves + HnS Trending target Target + Long Term Log Trend
ETHUSD is most likely preparing for at least a decent ($100+) bounce, due to these reasons -
Target - 50% retracement of those 5 waves.
Stop loss around $450.
- - We have most likely finished 5 waves down of something bigger,
- We are hovering right above upward trending HnS target (drawn by the channel)
- Right under that channel, we have a log longterm trendline support as well.
Target - 50% retracement of those 5 waves.
Stop loss around $450.
Note
The longterm logarithmic chart support line that I was talking about above (red line).
Note
And if we zoom in: Trade active
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Both the trendline and the channel have failed to perform as well as I expected. The price is still hanging around their boundaries and we still most likely will see some upside movement currently but now my plan is to take 50% profit at 530s, setting a stop loss at the new, lower BE and then hold out the other 50% of the trade till 620s-640s (50% retracement of the 5 waves shown above). Also, yesterday I almost got stopped out (the price bounced literally $0.1 away from the stop loss) and to be honest this price action is not very comfortable to be in a trade now, I might have rushed into the trade too early.
Note
Correction - the channel has FAILED to do anything at all, while the longterm log trendline is doing meh at the moment.Note
Scratch selling 50% of the long at $530, selling only 25-30% there.Note
A good idea is to take part of the profit here @$530 (30 or 50% of the trade amount), putting stop loss either at $480 or your new BE for the rest. Next targets 580s and 620s.Note
Got stopped out, Next support zone where I will enter long (if we reach there of course) is $370 (the equal leg area on recent EWs count) and 340s (an important longterm log trendline area).
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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.