I'm targeting a short position for ETHUSD on the 15-minute chart using Elliott Wave analysis.
The current price level is around 3,352.39. I've identified the completion of wave (b) and am anticipating a downward movement into wave (c) of the corrective phase.
My target levels for this downward movement are based on the Fibonacci extension of wave (a). The target levels are:
- 1.0 Fibonacci extension at around 3,222.88
- 1.618 Fibonacci extension at around 3,136.40
To manage risk, I will place a stop loss just above the recent high of wave (b) to protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of support or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in ETHUSD while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 3,352.39. I've identified the completion of wave (b) and am anticipating a downward movement into wave (c) of the corrective phase.
My target levels for this downward movement are based on the Fibonacci extension of wave (a). The target levels are:
- 1.0 Fibonacci extension at around 3,222.88
- 1.618 Fibonacci extension at around 3,136.40
To manage risk, I will place a stop loss just above the recent high of wave (b) to protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of support or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in ETHUSD while effectively managing risk with clear entry, target, and stop loss levels.
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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.