After an XRP/USD weekend, time to hunt for a new set-up.
Ethereum has made uptrend waves and retracement as well. In my opinion we are now in the ABC correction and retracing down to have another leg up after completing the correction.
According to Elliot Wave , wave 4 may never retrace more then the top of wave 1. With this information we have a clear indication where we need to place our stoploss.
In the chart the subwaves are visible but also the primary waves. The subwaves are coloured in light blue, the primary in white. The red line show the top of wave 1, if we cross that the count is invalid and so is the set-up.
For now, below a suggestion what possibly can be a good and definitely good profits if this works out. As you can see, my stoploss is lower then the red line for a reason. I simply do not want to get stopped by 1 wig hitting below the level.
Looks like we got a nice bounce around 231.00. Let's see if it holds.
Scalpn-Ralph
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I like your analysis here. I've been following the same wave count but missed the top of the most recent 'b' subwave and bought low leverage there to scalp. Oh well, it'll be back up above after this 'c' subwave retrace where i'll put more leverage (as long as the 230.00 line holds).
JR_Crypto
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@ckirkhilton, Thanks for the compliment! Happy to see you like it. Did you got in or just missed it?
Scalpn-Ralph
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@JR_Crypto, Yeah, this one was a good call. I got in at 233.00.