ETH Neowave - Elliott Wave Theory Analysis (Weekly - Long Term)

up_neowave Updated   
In ETH, the Macro structure (if you can look at the chart more remotely) shows the most potential time limit as 113-117 weeks. At the same time, in the microstructure (close perspective), the same duration of waves A and C (since wave B is temporally much longer than A) would correspond to 113-117 weeks in the macrostructure.

(These time relationships are measured for the most common cases - it should not be expected to happen at that exact moment at that exact minute. It is only an estimate of the time horizon).

As a result, I expect it to follow the Yellow or Red path at this point.

The Yellow possibility is more likely to be justified by news such as ETH ETF approval, which may come in a fundamental sense. For this reason, this news should be followed up to date. Otherwise, the red possibility has priority.

I take a 1% risk on the trades. Since the formula of the line chart is different, I am thinking of using a manual stop. Options trading will be more suitable for this transaction.

I will share updates here.

Thank you for your support.

Since the line chart method I have been using does not move with the price, I wanted to update its current appearance on the line chart.

I would like to point out that there is no change in the trade idea.

Targets are displayed as "(Red)---1---". Expectations of FED interest rate decision in October may cause target updates. For this reason, it may be preferable to reduce risk before the FED meeting. If the rate hike is postponed to November, the Take Profit level may move up in a positive way.
Trade closed: target reached:
TP2 can be held for a long trade or TP1 can be targeted and a short trade can be opened at TP2. I am still monitoring, when I open a short trade, I will announce the trade here.

I hope my ideas have been useful for you. Thank you for your support. :)

I said I would inform you if I opened a short trade for ETH, but it didn't seem too risky, so I didn't take the trade and made a big update for you.

The G wave seems to be over and the missing pieces are being finalized. In this case, we can expect to see an H wave like the D wave. Then we can expect an E or C/G wave long rally. So I will open a long position at $1750.

Hope to see you next Monday. I wish you a profitable week.


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