imho, its time to take money off the table after that nice rally. Price has been stopped by arc resistance and we are fast approaching an energy point in time.
A close above the recent high would be a good place to consider this advice mistaken. If going short, a stop above the recent high would make sense.
A major correction in ETHXBT recently completed. It was either a wave 2 or a wave 4, by definition.
EW theory says that wave 4 CAN NOT overlap wave 1.
But the correction, (in ETHXBT, NOT ETHUSD) overlapped the top of wave 1. Ipso facto, the ETHXBT chart is saying that in that particular market, the correction was a wave 2, and that therefore, a wave 3 has...
This is a 8 hr chart with bear setup from the 2014 high. As you can see we are ~ 1 week from hitting the 5th arc. The5th arc USUALLY puts an end to a setup. In this case though, note that the triangle from the 2015 high is almost impossible to compress further. It will break out one way or the other SOON .
Given the 5th arc's proximity, my guess is that...
There are a few different Gann square setups on the weekly chart that are "defensible". Hard to say which is "correct", given the sharp drop at the very start of the bear.
I am inclined to think that this is the operative setup - time will tell pretty soon. We hit the bottom of the 5th square just a few weeks back.
More importantly, we will be exiting out...
This may be new to many traders who do not know how to use a Gann square. Those who use the tool will recognize the significance of this chart immediately.
The long term weekly (72 bar) bear setup shows price is now heading straight up to the top of the 1st square. There it will surely find formidable resistance. This alone would suggest that the dollar is...
When/if we get a close below the blue arc, it will be a sell signal. The blue arc price is sitting on is critical support. Aggressive traders might want to short now, as there in a break in the arc, (not confirmed by a close)