Quick plot to lay out the possible path for one more dip that might be about to start
I am actually BULLISH on Ether but trying to keep neutral in analysis.
Bulls need to get above 154 quickly to invalidate this scenario.
The leg down was a 5 wave impulse, which is what a wave (A) should be.
We might now be in a wave (B) which should be a 3-wave structure.
If we do drop here, then 140 comes into sight for end of wave (C).
.
Background:
My ETH journey started a Fib observation from the bottom
Once that played out, I was looking for the retrace zones to enter long again
Above zones played out and as bounce progressed I saw 152 and 156 as possible targets
Then I saw the top coming, sold, and was looking for re-entry zones:
Got some long scalps in per above plan. But now I am wondering if we go down for another leg
I am actually BULLISH on Ether but trying to keep neutral in analysis.
Bulls need to get above 154 quickly to invalidate this scenario.
The leg down was a 5 wave impulse, which is what a wave (A) should be.
We might now be in a wave (B) which should be a 3-wave structure.
If we do drop here, then 140 comes into sight for end of wave (C).
.
Background:
My ETH journey started a Fib observation from the bottom
Once that played out, I was looking for the retrace zones to enter long again
Above zones played out and as bounce progressed I saw 152 and 156 as possible targets
Then I saw the top coming, sold, and was looking for re-entry zones:
Got some long scalps in per above plan. But now I am wondering if we go down for another leg
Note
Of note, in the live chart on top, there is a very faint zone. I have made it more visible here ,
Note
Bulls are strong, broke up through the first resistance zone with some gusto. Now comes the blue fib of this entire leg up from 144.46 Note
It definitely noticed that 4.618 Note
Interesting, so it may be this green fib that is working the price right now Note
Odds of the planned ABC have decreased dramatically. and ofc if we get a new local high then maybe I was being overly pessimistic. .
Note
Bulls looking to flip previous resistance into support Note
Here are the EU/UK morning bears. Lets see if bottom of this zone turns into resistance again Note
here we are, last support before 145 imo Note
This leg pierced the 1.618 on micro TF, so I am suspicous of this little bounce Note
1.6198 confirmed as relevant. But was pierced previously, so still suspicious. Note
sure enough, the 1.618 gave up. Now to watch the 2.618 
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the Trading View is my Nation
the Moderator Tag is my Flag
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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.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
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.