ETHUSDThere's a case to be made for a potential 4th wave still in progress. If this is the case, we might see a 50% - 61.8% retracement, bringing us to the low $200 ranges. Important to note that elliot wave states that wave 4 can retrace up to wave 1 territory (even into it slightly in highly leveraged markets), which is congruent with this outlook.
Another scenario is simply for a break up from the triangle. This would mean that ABC correction ended at the point I've denoted as "A", and waves B and C as I've denoted them are actually subwaves 1 and 2. If we break upwards out of the triangle, I will target a 1.618 extension at roughly $300.
I will be waiting for a break out from this triangle formation before entering a position. Make plans for bear and bull scenarios, wait for confirmation, and stick to the plan. I've lost more than I care to admit entering trades too early, before confirmation.
My bias remains bullish at this time. What are your thoughts?
This is NOT financial advice - it's merely my opinion. Do your own research.
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Please, comment / critique my posts.
And, unless you love losing money, ALWAYS use a stop-loss!
Happy Trading!
RP
Like.
Follow.
Please, comment / critique my posts.
And, unless you love losing money, ALWAYS use a stop-loss!
Happy Trading!
RP
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This is NOT financial advice - it's merely my opinion. Do your own research.
Like.
Follow.
Please, comment / critique my posts.
And, unless you love losing money, ALWAYS use a stop-loss!
Happy Trading!
RP
Like.
Follow.
Please, comment / critique my posts.
And, unless you love losing money, ALWAYS use a stop-loss!
Happy Trading!
RP
免責聲明
這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。