Short

ABC correction on Ethereum - Wave C incoming

Updated

The rising wedge on ETH has completed ABCDE correction and we are ready for Wave C of ABC pattern that has started with a violent sell off in May. Following Elliot Wave pattern and Fibonacci retracement levels, we should be looking at following targets:
TP1: $1800
TP2: $1500
TP3: $1150

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Short Sell Entry:
$2680.00
Size: 2 ETH

Long Hedge Entry:
$2624.95
Size: 0.734 ETH

I'll be looking to close my hedge above $2700 once I see the corrective move up is exhausted.

Stop Loss @ $3050

Note

Hedge Closed, small profit booked. Today was extremely slow, volume is really small and 1 hour stochastics just crossed down on the higher band. Expecting slow grind downwards from now on.

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PS Hedge closed @ $2714

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So far playing out according to the plan, I could have held the hedge a bit longer but that's fine. It doesn't look like it will be able to hold much longer but we need a break below £2550 to confirm wave 3.

shitty-trader

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