Short

Looking like June will be for the Bears

Updated

Good afternoon everyone.

Looks like ETH has failed to make an impulsive wave and we have an X wave failure that should dump into tonight.

These are the clues I'm seeing

It has the appearance of an ABC correction off the low at 508.

So if that's the case where is ETH heading

It would appear we should expect targets between 470 and 500 for an A wave completion. Once I see A wave completion I should have a better idea of a C wave target. At the moment I would project a price between $270 and $340 to complete this WXYXZ correction.

I am currently in a short position from 622 waiting on conformation for a break into the 3rd wave. This count will be invalid if we see a 5th wave completion off the low from 574.

These are my ideas for my trades and not to be taking as advice for your trading strategies. Thanks for taking a look any feedback is always welcome.

Trade closed: stop reached

Stop triggered at 608, looks like ETH is in a bullish pattern.

Note

still looking like a drop is more probable.

If I see this then still a bullish count.

For me there is no high probability trade available and I will wait for conformation on either count before entering next trade. In hindsight should have held my short position or re-entered at top of last impulse move at 615.

Note

Still showing signs of bearish movement re-entered short at 607, at trend line rejection. Took profit on 10% of my position at 597 and stop in place at 606.5. Makes this a free trade with a small profit and will hold position until we see conformation of a break. First target 563

Bullish count

Bearish count

Trade closed: target reached

Targets reached. 10.4% profit
Will have to see how this bounce reacts,If ETH continues to push down I would expect a bounce around the 1.618 level at 514 which would make my original count more likely. And I would look to re-enter short in a 4th wave correction.

This count seems less likely but may still be a possibility and would offer a lower risk/reward for a long entry but I will not be taking on the risk of entering long at this point. Will keep trading with the trend until the trend reverses.

Note

Potential short entry incoming. Bearish count is an ABC of the low at 502. I'm expecting a C wave completion around the 545 area for a short entry with targets around 460.

Trade active

Entered short on a wick at 545. Took profit on 10% of position at 530 (2.7%) stop in place at 547. Another free trade in play lets hope this one works out as well as the last one.

Trade closed: target reached

Exited trade at 485 ( 10.8% profit). My original target for this A wave was 474 and we may see another leg down toward 460 but we are in a 5th wave and BTC has already hit my target plus we should see a decent green candle today at some point, would rather be out here than stopped out at 500. Good trading on this move with trade profits over 22% on this trade setup, left a little bit on the table but can't complain about 22% + margin.

I will not be entering long here and will look to see what kind of formation we see off this bounce and go from there. I will post a new thread once I see which direction ETH and BTC are going. Hope everyone has had a profitable week and prosperous trading to everyone.

Mycomorel35

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