adamsalomone

adamsalomone

After today's choppy price action, there were several upper level liquidity levels that have formed, most clearly on the 15m chart. Tomorrow, expecting MM's to sweep these levels up, potentially as high as the 384-385 OB from Tuesday. I'll be intraday long on SPY - but my expectation is that after the sweep into the OB, we'll see further weakness and potentially a...

adamsalomone

ETH broken through the short-term trendline support running from last week's low. Suggests we could see some further downward movement to the $190-200 range.

adamsalomone

Could point to a continuation of the downward trend here.

adamsalomone

Red line support from previous rebound from last week, paired with indecisiveness at the .5 fib retracement line. Given the red line support, hoping for a break upward of the .5 line and a move higher.

adamsalomone

Harder to see on the 4-hour chart, but clearly forming pennant pattern with the flat upper resistance and sloping support line formed by the strong reversal from last week. Hopefully, when it reaches the right side of the channel we'll have a confirmed move upward.

adamsalomone

This doesn't show up as clearly on the 4-hour chart, but you can see the up-down price action that is typical of a classic pennant pattern. The most recent highs set the top-line resistance, and the trending support from the lows of last week form the bottom channel. They're getting close to meeting at the right side of the channel, which should hopefully result...

adamsalomone

The light green lines are some potential avenues for further support and resistance. The dark red line is the biggest concern. It is a direct resistance line from the previous $400+ high. Presents strong resistance and we'll need to break above that for any further moves. The good news is that the longstanding resistance channel that brought ETH down to this level...

adamsalomone

Both before and after the gap, the close on Friday seems to be touching a critical line of support.

adamsalomone

Looks like the $26.50-$26.60 is a zone of support, with overhead resistance at 27. Also not helped by the inverted hammer at the top of the trend before the reversal.

adamsalomone

Based on the length of Wave 1, I think we've already passed Wave 5 on the CELG move and we're actually in the ABC correction phase. Specifically the B wave. Which would suggest a downward movement from here. That, coupled with the historical resistance at the $138 level makes this a critical area to watch. If you haven't entered a long position yet, wait for...

adamsalomone

Still learning about EWT and how best to implement, but I'm hoping this wave analysis is vaguely correct. ETH has a lot of its own issues that may not allow it to behave "properly," but if it does, EWT suggests that we should be around the high of wave 4 by the time all this is done. Also not suggesting that the B wave is going to end here and now, but that's...

adamsalomone

Support becoming resistance at the $193 level. Along with gap down, it looks like an acceleration of downward trend.

adamsalomone

If ETH can stay above that horizontal line, it could be convincing support. Otherwise, it may keep trending along the sloped line until convergence, and then...? Probably a resumption of downward trend...

adamsalomone

Two distinct lines of support and resistance that invert to form a new downward trending channel.

adamsalomone

Shrinking high/low spread on hourly chart suggests breakout. Could indicate downtrend resumption in the next few hours. Stalled price action this afternoon suggests resistance at the $365-370 level.