I'm setting up a short trade on ETHUSD based on a 4-hour chart using Elliott Wave analysis. The chart shows that wave (b) of the corrective sequence has completed, and I'm anticipating a downward impulse in wave (c).
My entry point is around the current price of 3,190.83.
I'm targeting the following level for wave (c):
- Final target: 2,919.72 at the 1 Fibonacci extension.
I'll place my stop loss slightly above the recent high of wave (b) to manage risk. As the price approaches the target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated downward movement completing the Elliott Wave corrective sequence.
My entry point is around the current price of 3,190.83.
I'm targeting the following level for wave (c):
- Final target: 2,919.72 at the 1 Fibonacci extension.
I'll place my stop loss slightly above the recent high of wave (b) to manage risk. As the price approaches the target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated downward movement completing the Elliott Wave corrective sequence.
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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.