Sherem
Short

Who called the ETH top and H&S pattern?!? Me. Where now?!

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Ether has confirmed the head and shoulder and broke the neck line. A push down to 600 seems to be just a matter of time. The real question is whether or not this ABCD pattern is going to hold true. At this point, I think it is but I don't have a crystal ball so we will see. Besides the technical aspects of ether itself going to 400, if we look at the correlation with how it's been going down with BTC , it seems that it's not out of the cards at all if BTC pushes down to 6k which also seems very likely.

1st martingale is active at just above this 700 level. I have buys stacked down to 400 in case of a large push down. I will be looking for a bounce up from this 600 level to get out of these initial positions at 620 and 700 for continuation to the downside.

I outlined some of the levels and possibilities that we could see here going forward.

Trade safe everyone.

-Sherem

My calls:
Identifying the top -

identifying the H&S -
Trade active: Per my post above, my 1st martingale position is active at 700 representing a small portion of the portfolio. I will be looking to get out around this $740 area (if it gets up there) for a quick scalp. I will then be placing this position back on down around the 650 area to play another bounce. We are going into the weekend and it should oscillate a bit, however, if it doesn't we have our points that are laddered down.
Comment: This was probably the most disappointing bounce for me. It came within 50 cents above my buy and I didn't get filled. While it's good that my levels are solid, it happens that way some times because it's impossible to watch the markets 24/7. Look to take profits at these resistance levels it's hitting. I will post a more thorough update tomorrow.
I definitely agree with this @Sherem because parabolic arcs retrace nasty nasty nasty.... 70-85%. So I could totally see eth break sub 400. But what do I know?
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Nice charting!
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