Simple EW/Fibonacci analysis shows that a possible top for NVIDIA could be in. OR this could be my imagination and we go to the magic 1000 number. Trading is risky, and this is no financial advice :) Also look at my other posts which delves into the general concept that the entire market has topped.
Just some wave analysis and possibilities I am seeing. Could just be my imagination :) Trade at your own risk.
Just playing around with some Elliott wave analysis on the ETH chart. Drew some Fibs as well, as we hit some good levels, but they were messy on the chart, so took them out. If you want to draw them yourself, just take the wave 1 as the base and draw the fibs.👍 There are 2 possibilities as I see it. Either we have completed 5 waves, or we have completed the 3'rd...
If there really has been a distribution in this range, we should see a bigger move down in ETH and Bitcoin as well. Let's see what happens now :)
There is potential signs of wyckoff distribution in the ETH chart. For this scenario to play out we don't want to see any large move to the upside from here. That would invalidate this scenario.
It seems like there is a possibility of there being a larger wyckoff distribution going on on the ETH and Bitcoin charts. Let's see how it plays out.
Bitcoin and ETH reaching top of their respective channels. Either we have completed and ABC OR we are going to break big to the upside and then moon to billions of dollars ;)
Break and close below the support line will of course invalidate this scenario.
A possible inverse SHS in play. Also a possibility that it either fails or we see a fakeout and it goes down. In case of SHS, a possible target is outlined. What do you think?
If the count is correct, then we are in the making of wave 5 of wave A. This means that we are expecting a wave B upwards. Several things to notice from the chart: * Wave 5 = 0.618 * Wave 1 * As we are approaching the support line, the volume is getting lower and the candle body's are getting smaller. At the current moment, this months candle is looking more and...
Bulls vs Bears. Fight is on! I am with the bulls of course ;) And not a trading advice!