Updated

$ETH - Time out before the next move up?

We are assuming a major ABC move up (blue) with C having 5 waves (green). We appear to be done with the 3rd wave and need to correct for the 4th wave before going up. Since wave 2 had a shallow correction (0.236 Fib), I'm expecting deeper correction of wave 4 (0.618 Fib). Note that we may get support at 100 Day EMA or 0.382 Fib around $140+

For a bearish view, C can only have 3 waves and we may have topped out at $153, confirmation is below wave 1 top ($126)

Either-ways, there is an opportunity for a small SHORT trade with a stop loss at recent high ($153), the current idea gives a Risk:Reward as 1:4.5 and 1:2.5 in case we bounce at 0.382 Fib

If we get support at 0.618 Fib level, I plan to go Long

Take Care. All the best

Note

We fell short of our target, but notice where price did a U-turn, at our tiny little red rectangle! I put this expecting there could be resistance at the previous top (A) preventing a Higher High (HH) and sure enough it did act as MAJOR resistance

imkeshav

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imkeshav

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