I believe we may be setting up for a potential short opportunity between the 138 and 150 levels. This appears to be an expanded flat, which is one of the most common corrective patterns seen in wave 4.
Wave B has already successfully bounced off the 1.38 Fibonacci level, which adds further confidence to this structure. Currently, it looks like we're in the...
My previous count was invalidated since what I thought was a wave 4 overlapped with wave 1.New count I believe we're in an expanding flat (the most common correction).Currently we're in a wave 4 of a wave C.Would love to short at the .382 / .5 fib level
So I posted the overall short Idea yesterday and it's playing out perfectly so far.Right now it seems like we're done with this wave B and price might possibly go up to form that wave C.This would put an end to our wave 4 and proceed to play wave 5.Wave 5 would possibly end around that bottom trendline or on the two marked areas of these fib levels.
At this point I think we're pretty much done with wave 5 on ETH,we can even see a bearish divergence which could be considered as a confirmation of the end of a cycle and the start of the correction wave.
