Ethereum, 8 OCT - Elliott waves | Gann | Astrology $ETH
Ethereum is known for double top formations, and price is at the same level as the top of 16 SEP.
The structure may be an ending diagonal with an ABCDE count (in red). Wave E is often truncated (the placement of wave E in the chart does not indicate that wave E will reach that level).
The Gann level at 3720 hints at another potential resistance.
We can observe that volume increases towards the end of a wave = traders are buying into tops, a sign of retail fomo buying.
The previous long idea has been profitable and we may look to scale out of some positions to be on the safe side.
Correlations: Nasdaq/QQQ is at the 50-60% retracement level of the previous wave, a zone where sellers step in. If successful, another selloff is possible as the final part of a complex WXY wave.
______________
www.constellations.trade
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas.
The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
BTO = buy to open
STC = sell to close
STO = sell to open
BTC = buy to close
TD = Theta Decay (for example a strangle or iron condor)
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice.
If you'd like to support my work, open accounts here & get discounts:
TastyTrade
start.tastyworks.com/
Deribit
www.deribit.com/reg-14912.6680
Binance
accounts.binanc....me/en/register?ref=LLBB97...
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
The structure may be an ending diagonal with an ABCDE count (in red). Wave E is often truncated (the placement of wave E in the chart does not indicate that wave E will reach that level).
The Gann level at 3720 hints at another potential resistance.
We can observe that volume increases towards the end of a wave = traders are buying into tops, a sign of retail fomo buying.
The previous long idea has been profitable and we may look to scale out of some positions to be on the safe side.
Correlations: Nasdaq/QQQ is at the 50-60% retracement level of the previous wave, a zone where sellers step in. If successful, another selloff is possible as the final part of a complex WXY wave.
______________
www.constellations.trade
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas.
The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
BTO = buy to open
STC = sell to close
STO = sell to open
BTC = buy to close
TD = Theta Decay (for example a strangle or iron condor)
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice.
If you'd like to support my work, open accounts here & get discounts:
TastyTrade
start.tastyworks.com/
Deribit
www.deribit.com/reg-14912.6680
Binance
accounts.binanc....me/en/register?ref=LLBB97...
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.