EthereumLong
Intraday Update for ETHUSD
Copy Pasta of my BTCUSD Update:
I have been tracking a potential triangle forming on ETHUSD over the past few days. Last night's dip and support on the (a)-(c) trend-line is confirming my thoughts on this. Triangles are common patterns to see before the final move of one larger degree in Elliott Wave Theory. The thought here is that we have yet to complete an ABC zigzag up, and are currently gearing up for wave circle C. I am currently targeting the $290-$324 levels. I am currently looking to play a scalp long before re-loading on my shorts for the final decent (I am short-term bullish). The blue box shows daily resistance levels to watch.
The one thing that makes me skeptical is the fact that it looks like we had a three-wave ABC up, which makes me keep an open mind about having a flat ABC for wave 4 here (red count). In this case we could expect a 90%-138.2% retrace of wave circle A, possibly making a new low even. (red box target).
Additional things to note:
-It is common for E waves to underthrow or overthrow the A-C trend-line, in this case we overthrew.
-Stop losses can be set below the lows of waves (a) and (c) and even below the low made last night for a more conservative stop.
-We should not expect to see any higher than $350 (the 1.618 fib), if so than I would re-evaluate my count although this would not mean invalidation per se.
-Corrections are often constrained to the termination point of wave 4 of larger degree, so in this case ~$320 (red dashed horizontal line).
*THIS IS NOT TRADING ADVICE*
I have been tracking a potential triangle forming on ETHUSD over the past few days. Last night's dip and support on the (a)-(c) trend-line is confirming my thoughts on this. Triangles are common patterns to see before the final move of one larger degree in Elliott Wave Theory. The thought here is that we have yet to complete an ABC zigzag up, and are currently gearing up for wave circle C. I am currently targeting the $290-$324 levels. I am currently looking to play a scalp long before re-loading on my shorts for the final decent (I am short-term bullish). The blue box shows daily resistance levels to watch.
The one thing that makes me skeptical is the fact that it looks like we had a three-wave ABC up, which makes me keep an open mind about having a flat ABC for wave 4 here (red count). In this case we could expect a 90%-138.2% retrace of wave circle A, possibly making a new low even. (red box target).
Additional things to note:
-It is common for E waves to underthrow or overthrow the A-C trend-line, in this case we overthrew.
-Stop losses can be set below the lows of waves (a) and (c) and even below the low made last night for a more conservative stop.
-We should not expect to see any higher than $350 (the 1.618 fib), if so than I would re-evaluate my count although this would not mean invalidation per se.
-Corrections are often constrained to the termination point of wave 4 of larger degree, so in this case ~$320 (red dashed horizontal line).
*THIS IS NOT TRADING ADVICE*
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