Confluence at target with long term horizontal support, triangle measurement from A-B projected from E and also Algo target from most recent significant swing high to swing low. Trade is invalidated if E wave goes above C of the ABCDE.
Longs outpacing shorts which can be construed as a contrarian indicator.
Nice idea on ETHUSD and there may be potential gains as you have identified by going short. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first resistance at 248.8. It is a horizontal overlap resistance, 50% Fibonacci retracement and both 100% and 61.8% Fibonacci extension. Stochastic is approaching resistance where we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 206.6 support level. It is a horizontal overlap support and a 76.4% Fibonacci retracement.
Please take a look at our idea and share with us what you think.
Attilathekilla
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@easyMarkets, If we get to 248 then I see coming down as low as 206.6 much more unlikely as we are seeing consecutive higher lows. A drop down to 206.6 would be bearish and imply more downside. My play is to short from 225-230 region with an alert slightly above entry to monitor and consider for an exit if it looks like bulls are taking control as it would break this wedge to the upside and the target would be 300 area. Coming down to 206 would be very difficult, try drawing a channel from Sept 11 is to now and 300$ lines up somewhere around Dec 10
Please take a look at our idea and share with us what you think.