Quick plot to lay out the possible path for one more dip that might be about to start I am actually BULLISH on Ether but trying to keep neutral in analysis. Bulls need to get above 154 quickly to invalidate this scenario.
The leg down was a 5 wave impulse, which is what a wave (A) should be. We might now be in a wave (B) which should be a 3-wave structure. If we do drop here, then 140 comes into sight for end of wave (C).
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Background: My ETH journey started a Fib observation from the bottom
Once that played out, I was looking for the retrace zones to enter long again
Above zones played out and as bounce progressed I saw 152 and 156 as possible targets
Then I saw the top coming, sold, and was looking for re-entry zones:
Got some long scalps in per above plan. But now I am wondering if we go down for another leg
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Of note, in the live chart on top, there is a very faint zone. I have made it more visible here clearly we are stuck between these energy bands. Breakout to either side could be powerful, especially if it bounces around in there for a long time (several hours) ,
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Bulls are strong, broke up through the first resistance zone with some gusto. Now comes the blue fib of this entire leg up from 144.46
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It definitely noticed that 4.618 but bulls still look strong
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Interesting, so it may be this green fib that is working the price right now looks like a perfect impulse within, perhaps making a bigger wave 3 for now.
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Odds of the planned ABC have decreased dramatically. and ofc if we get a new local high then maybe I was being overly pessimistic. not out of the woods quite yet, and we EU/UK waking up soon. That part of the world often sells in their morning. So the price AND time are at a critical point here. .
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Bulls looking to flip previous resistance into support
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Here are the EU/UK morning bears. Lets see if bottom of this zone turns into resistance again
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here we are, last support before 145 imo
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This leg pierced the 1.618 on micro TF, so I am suspicous of this little bounce
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1.6198 confirmed as relevant. But was pierced previously, so still suspicious.
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sure enough, the 1.618 gave up. Now to watch the 2.618
Have to watch out for those shake outs. This market is savage :D
xsoffer
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Sir, Your job is excellent. But I couldn't understand how do you set different kind of Fibonacci tool. Please explain if its possible for you...the details about Fibonacci setting & how do you find out retrace & buying zone in green color.
EuroMotif
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@xsoffer, Hello. I use the Fibonacci tool quite differently than most people. Basically, I find a clear and strong move, and put the 1 and 0 of the 'Fib Retracement' tool around that move. Then I go into the Fib's Settings, and add various lines. I look for ''Extensions'' or ''Multiples'' of the first move. Here is a recently posted Idea that shows two different Fib Series interacting Also, I have an older Idea with a TON of examples (scroll down on that one to see the numerous examples).
xsoffer
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@EuroMotif, Thanks a lot dear. Last time I have trying to copy you but didn't find out the mystery of Fibonacci. Here is the example tradingview.com/x/sabueDN5/.
Paradigm9
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Dude, using 5 and 1 minute time frames is no way to go through life.