Ethereum made a nice recovery last night bouncing up from 439$ level hence completing wave A. It looks like it is about finished with Wave B up. It has also formed an ascending wedge. Will be looking to short on re-test of the wedge once it breaks down. TP1 @ 439, TP2 @ 428 (hoping that is the conclusion of wave 2). Will keep 20% position open in case bounce doesn't happen at 425-428 levels. 428 is also important because it potentially marks the head of right shoulder of IH&S forming on the daily. Stop loss set at $468.9
Alternate scenario is that 439 was completion of wave 4 of subwave 1 and we are currently in wave. A small Inverted head and Shoulder also supports it. If that is the case I will just go long at $469 targeting 515-520. ATM I will just stay flat, waiting for a clear direction.
This is not a financial advise.
Alternate scenario is that 439 was completion of wave 4 of subwave 1 and we are currently in wave. A small Inverted head and Shoulder also supports it. If that is the case I will just go long at $469 targeting 515-520. ATM I will just stay flat, waiting for a clear direction.
This is not a financial advise.
Trade active
Weekend is making it really hard to trade however I will take my chances.Trade closed: stop reached
Unfortunately the market spiked moments after I went to sleep and immediately retraced, looks like a fake out (stop loss hunting may be). Target is still the same (end of wave 4 of impulse wave 1) but I won't be trading it.Note
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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.