ETHEREUM Short - Top or Retracement

I'm currently in a short from $4150. See my previous ETH thread for details. Now the next question is whether this is a top or a retracement. For now price needs to make a lower low LL below $3500 to really show a downtrend. If it gets there then I will consider price to be at least in a Primary wave correction.

As per Elliott Wave it is very common for a 5th wave correction to retrace back into the territory of wave 4. So if a downtrend is on then the correction could find its way back to the $2040 - $1293 range.

If price has topped however, price could go much lower. I would be targeting the 0.5 fib $595 to the 0.618 $371.

For now price is yet to pass first hurdle and I'll just watch and see how it behaves. If it could even get to the previous wave 4 that would be a very tasty short.

Shorting is very aggressive. I don't recommend it. This is as much to hopefully show some skill. Not advice.

Trade active

Comment:

Price has tested and rejected horizontal neckline of H&S, will probably carry on down from here.

Trade closed: target reached:

I'm all out here at 2K and will consider to stagger back into a short position once ETH and BTC reach resistant points.

Its been a great trade.