A bearish flag seems likely to be forming on KRAKEN:ETHUSD. It may be part of a larger ABC correction (wave 4). I’ll be looking for a break below the lower trend line of the bear flag to enter a short position. I’ll target between the 1:1 extension (ABC) and the 50% retracement of wave 3 ... $208 - $213.
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May have jumped the gun a little on this one. But, I’m in. Target and stop loss posted. Let’s see what happens....
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I’ve adjusted my EW count and channel to a point where it seems to fit a little better. ETH is still working within the bear flag, but it is showing promise. A break above the channel would give me a bullish outlook.