2 Bears 1 Bull

Like I mentioned yesterday in the bitcoin chart, you want to look for all high probability options so if one fails you have a back up. I received a request to chart Ethereum(my first love) so I wanted to show you the 3 options I found. Remember, your job as a trader is to find counts, measure the Risk / Reward, and decide if the trade fits your plan. Above all, be neutral with your count. Let the market data provide your roadmap.

Comment:

Looks like bears took control (short term) and went a little deeper than expected. There can be one more wave down based off another count I have but it shouldn't go too much deeper. 500 looks like a good place to get a reversal. Remember ETH is tied to BTC's movements for now so it will most likely follow btc.

If you're a long term bull for ETH the future looks promising. I might post the outlook of ETH/BTC.

Comment:

Looks like $500 did give us a nice bounce. However, I think we still have one more leg down. I sent this chart to my followers last Friday for both a short position and target for a long entry. So far it has worked out perfectly for roughly 14% short term swing trade.

I have also sent them an updated count today with a target for our swing long.