Long

Very Short Term opportunity on ETH using Elliott Waves

Updated

This is on a 15 minute time scale. The pullback that we have seen over the last day or so seems to be getting over. What we are seeing is an advance that might unfold in 5 waves as labelled on this chart. This should be followed by a decline in 3 waves (ABC). In case that happens and the price starts to move up explosively, I will look at entering a long trade at the top of wave 5, which might happen around the 3308 level, and a stop loss at the bottom of wave C of 2. The RSI also indicates a bullish divergence which is favouring the end of the recent pullback.

Note

Also the bigger pullback that we have seen commencing on the 29th of March from the 3481 level, has retraced the preceeding impulsive move by 50%. Again a strong Fibonacci level indicating that the pull back might be over.

dhirajkhanna

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