ETHIDR analysis with Elliott Wave
I know, this post is for ETHIDR (my local exchange), but since I can't find the chart on Tradingview, so I have to piggyback the ETHUSD :D
Price have breaking out from Major trendline resistance at 8th Jan, and find support at the same trendline. As long as the trendline holds, my outlook for ETHIDR is bullish. I believe we are now at the end of Triangle correction wave, and forming a new bullish wave. Impulse 1 will be confirmed if it break purple trendline resistance.
Buy area are highlighted with green box, around 18.000.000, or wait for resistance break at 19.500.000 - 20.000.000
with tight stoploss at 17.200.000 or if price breaks the major trendline support (blue line).
First target is the end of impulse one at around 23.000.000 (0.5 Fibbonaci)
I will constantly update this, to adapt on market situation.
Disclaimer : this is my own idea and trade decision, I upload it here to provide my future self with an online chronological think process for evaluation, and feedback from other traders. This is not a recommendation to make the trade. If you do make the trade, do so with your own calculated risk management.
Price have breaking out from Major trendline resistance at 8th Jan, and find support at the same trendline. As long as the trendline holds, my outlook for ETHIDR is bullish. I believe we are now at the end of Triangle correction wave, and forming a new bullish wave. Impulse 1 will be confirmed if it break purple trendline resistance.
Buy area are highlighted with green box, around 18.000.000, or wait for resistance break at 19.500.000 - 20.000.000
with tight stoploss at 17.200.000 or if price breaks the major trendline support (blue line).
First target is the end of impulse one at around 23.000.000 (0.5 Fibbonaci)
I will constantly update this, to adapt on market situation.
Disclaimer : this is my own idea and trade decision, I upload it here to provide my future self with an online chronological think process for evaluation, and feedback from other traders. This is not a recommendation to make the trade. If you do make the trade, do so with your own calculated risk management.
Note
Just as soon i post this, price is breaking the support trend line beautifully, and hit my SL. I am waiting on the sideline for further development, and it looks like market is recovering sooner than I expected. Price finding a support at the top of 14th Dec (bigger wave 3). And according to the general guideline I will assume that the correction wave is finished.Note
alright I might be wrong, but I update the triangle correction into am ABC pattern. that means, we are now at impulse wave 3, part of larger wave (1)I re-entered trade at 14.700.000,
with SL 14.500.000
first target is around 18.000.000 - 18.200.000
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.