Ethereum to 0.2 BTC

POLONIEX:ETHBTC   Ethereum / Bitcoin
467 1
Corrective wave sequence appears to have completed at the 0.618 Fibonacci level, and new impulse wave sequence beginning. To match the previous move would put it at 0.207 BTC , but could reach as high as 0.262 BTC . Set stop loss below 0.618 Fibonacci level and leave it there until wave 2 is completed, then trail stop below strong support levels. If wave 2 ends below wave 1, the pattern is invalidated. Bitcoin volatility will affect ETH volatility so don't make stops too tight.
Aug 04
Comment: Corrective Wave C appears to be completed because it matches Wave A in length and price appears to be rising but a more cautious approach would be to wait for Wave 1 to complete and look for the bottom of Wave 2 to enter.

I determined profit targets using Fibonacci extensions and then using Elliott Waves and common ratios for them, tried to work backwards and figure out what the waves might look like. ETH/BTC tends to stay closer to the lower boundary trend line, so a big jump for Wave 1 or 3 seems less likely.

Aug 12
Trade closed: stop reached: Not sure what happened, but ETH had a big drop for a few minutes and stopped me out. The good news is BTC is going up nicely, so it's hard to be too upset about it.
nice chart,
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