ETH/ BTC - The BIG picture of current uptrendHere we have it: a perfect Elliott Wave in all it's glory. This view helps to get a bigger picture of where we are in the current trend. Targets are estimates only, as waves can get severly compressed and stretched both in time and price.
We'll be able to draw price target zone for wave V only after c of IV is concluded. I'll update the chart when this happens.
NOT
Crude monthly going back to 1990- No bottom "yet"Support is actually around 37.88 not 39.60
How do we know that's the support? well-going back to 1990 until now it has acted as support and resistance line.
Also known as axis line has to be tested.
Wait to go long- if planning for short have a good SL around 43
For longs- if cannot wait to go long at least have enough funds to go via multiple entries instead of one big entry.
Not broken YET!Despite what many think, long term support and resistance trend lines have been perfectly symmetric and not broken. So, there is no reason to panic.
The trend lines showed are cloned. They have the same angle and the price has respected the trend without any false alarms.
However, for investing, I don't think it's an appropriate moment to trade, as it might can make a retracement, or continue the rally as for the moment. Better watch when it's near the trend lines.
Even though it hasn't broken yet, I also consider the idea that it might crash at any moment in the near future. Time will tell, but better confirm it securely with the trend.