Hello Everyone,
I am publishing my first idea here for ETH/USD.
The idea here is a Fibonacci Retracement, Support & Resistance, Elliot Wave analysis & Candle stick pattern.
As we see ETH will test the new support level from 7th August & retested on 9th August which also happens to be 0.618% of Fib Retracement. If the support fails it will retest 0.5% of Fib Retracement which also happens to be the 4th Elliot wave.
Elliot Wave 4: The trend line analysis from the beginning of wave 2 till end of wave 3 with a parallel line projection from end of wave 2 gives us a potential for wave 4 to end when it reaches the projected trend line.
Elliot Wave 5: The trend line analysis from the beginning of wave 3 till end of wave 4(assuming as per trend line analysis for wave 4) with a parallel line projection from end of wave 3 gives us a potential for wave 5 to end when it reaches the projected trend line.
The daily Chart shows a bearish pin bar for 18th August & weekly it’s projecting a Tweezer top, I prefer to wait for the end of 4th Wave.
PS: Do your own research & trade based on your own descision.
Please share your thoughts and comments for a better understanding
I am publishing my first idea here for ETH/USD.
The idea here is a Fibonacci Retracement, Support & Resistance, Elliot Wave analysis & Candle stick pattern.
As we see ETH will test the new support level from 7th August & retested on 9th August which also happens to be 0.618% of Fib Retracement. If the support fails it will retest 0.5% of Fib Retracement which also happens to be the 4th Elliot wave.
Elliot Wave 4: The trend line analysis from the beginning of wave 2 till end of wave 3 with a parallel line projection from end of wave 2 gives us a potential for wave 4 to end when it reaches the projected trend line.
Elliot Wave 5: The trend line analysis from the beginning of wave 3 till end of wave 4(assuming as per trend line analysis for wave 4) with a parallel line projection from end of wave 3 gives us a potential for wave 5 to end when it reaches the projected trend line.
The daily Chart shows a bearish pin bar for 18th August & weekly it’s projecting a Tweezer top, I prefer to wait for the end of 4th Wave.
PS: Do your own research & trade based on your own descision.
Please share your thoughts and comments for a better understanding