DanRoth

Retrace then 1 Leg (Elliott Waves)

POLONIEX:ETHBTC   Ethereum / Bitcoin
I am just learning. With Elliott Waves we must break the B leg before we can call it a new wave. We never broke the 300 barrier and volume was fairly insubstantial. Not sure but I think we must retrace a bit more before a rush of buyers come in for the leg 1 of a new wave.

I am neutral for the time being. Nevertheless, I am going to take a trade near the 200 line because I believe we will retrace to near that level.
Comment: Looks like we are reaching the 0.0200BTC/per ETH mark after all. If we break 0.0200 to the downside we can see the price go as low as 0.0140 before a major rally as bears and hopefuls try to drive the value down to bargain prices.
I wouldn't take a position until confirmation of trend change at 0.0200 level for longs. If it continues to downtrend past 0.0200 I will be taking a much larger position at 0.01400 (in that neighborhood).
The volume is even lower today...this definitely look like a slight retracement to the "A" low before we make a burst into a new wave. It's clear as day. I fixed my lines to be more straight, btw.
snapshot

p.s. if someone's account says pro they just purchased the professional package. I see supernovas on pokerstars all the time.
Happy trading, all.! :)
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