Ethereum made a nice recovery last night bouncing up from 439$ level hence completing wave A. It looks like it is about finished with Wave B up. It has also formed an ascending wedge. Will be looking to short on re-test of the wedge once it breaks down. TP1 @ 439, TP2 @ 428 (hoping that is the conclusion of wave 2). Will keep 20% position open in case bounce doesn't happen at 425-428 levels. 428 is also important because it potentially marks the head of right shoulder of IH&S forming on the daily. Stop loss set at $468.9
Alternate scenario is that 439 was completion of wave 4 of subwave 1 and we are currently in wave. A small Inverted head and Shoulder also supports it. If that is the case I will just go long at $469 targeting 515-520. ATM I will just stay flat, waiting for a clear direction.
This is not a financial advise.
Alternate scenario is that 439 was completion of wave 4 of subwave 1 and we are currently in wave. A small Inverted head and Shoulder also supports it. If that is the case I will just go long at $469 targeting 515-520. ATM I will just stay flat, waiting for a clear direction.
This is not a financial advise.
Trade active:
Weekend is making it really hard to trade however I will take my chances.
Trade closed: stop reached:
Unfortunately the market spiked moments after I went to sleep and immediately retraced, looks like a fake out (stop loss hunting may be). Target is still the same (end of wave 4 of impulse wave 1) but I won't be trading it.
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