Hi traders!
ETH is not doomed, however the bearish scenario continues to unfold as expected. The good news is, after this correction (which may lead us below 1800) we can expect the bear market to come to an end.
Where are we now?
According to the count, we are in the first large wave down. We have one more 1-5 subwaves to complete this wave. Afterwards, we can expect an ABC up. I have marked this with grey waves. It is my preferred scenario, because the count and the ratios just make sense so far.
How to trade it?
Likely we are in a typical wave 4 triangle correction, with a potential to break down from point E (the red box). I will try a short here. If that works out, expect to take profits into 2300-ish.
What if not?
Should ETH go higher (green path), we need to re-evaluate the smaller count. This idea is then invalidated.
Happy trading!
ETH is not doomed, however the bearish scenario continues to unfold as expected. The good news is, after this correction (which may lead us below 1800) we can expect the bear market to come to an end.
Where are we now?
According to the count, we are in the first large wave down. We have one more 1-5 subwaves to complete this wave. Afterwards, we can expect an ABC up. I have marked this with grey waves. It is my preferred scenario, because the count and the ratios just make sense so far.
How to trade it?
Likely we are in a typical wave 4 triangle correction, with a potential to break down from point E (the red box). I will try a short here. If that works out, expect to take profits into 2300-ish.
What if not?
Should ETH go higher (green path), we need to re-evaluate the smaller count. This idea is then invalidated.
Happy trading!