CND/ETH in a downward 2nd leg
Updated
Hello traders - Attempting to read CND/ETH move so far and trying to put it in a right perspective by using Fibonacci, pitchfork. CND/ETH seems to have completed one impulse wave of 1-2-3-4-5 then corrected in A-B-C fashion retraced 78.6% on Fibonacci entrancement. Looks like CND/ETH has completed 1st leg of 2nd impulse wave and price is now rejected from the upper band of the pitchfork. As per my analysis, price may retrace to 50% on fib level and then 3rd and most violent wave may begin. For now, I'll keep it on my watch list. I don't trade 2nd wave.
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.%Also if you notice 5th wave of the 1st impulse wave was truncated. It could not pass the high of 3rd wave. This caused a major correction.Trade closed: stop reached
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