ETH Zigzag Short Setup (Elliott Wave)

5 Jan

ETH has created a perfect zigzag pattern, with a triangle for wave-B. Since wave-B is a limiting contracting triangle, wave-C should relate to wave-a of B by 100% in price, and end around the apex of the triangle timewise. Both of these requirements have been perfectly fulfilled, and the standard time target of (a+b)/2=c is also satisfied.

On top of this wave pattern, we also have the first wiseman forming on the 4hr, as well as momentum divergences on multiple shorter-term charts. At the higher timeframes, ETH and BTC have both hit long-term fibonacci targets, time targets, monthly/weekly/daily wisemen, and momentum divergences. All of these long-term and short-term signals and wave patterns are indicating a potential long-term top, and at the least a significant pull back to new lows.

The 4hr wisemen on ETH gives us a good way to minimize our risk on this trade by putting our stops at today's highs. From here, we should quickly retrace all of wave-C faster than it was formed to get confirmation that the zigzag is over. After we have confirmation, we can be very confident that we are heading to new lows and will probably end this wave somewhere around $3,090 to $2,770

6 Jan

Trading ditutup: stop tercapai

This one ran our stops and reversed us into a long, so for now I will assume that the uptrend will continue

6 Jan

Catatan

A new 4hr wisemen formed and the zigzag is still valid, so this is likely a good place to re-enter shorts

7 Jan

Catatan

We've broken down from the channel and almost completely retraced wave-c much faster than it was formed. This is a strong confirmation we will head lower towards new lows as forecasted a couple days ago. Likely target is around $2,830 within the next 2 weeks, with the potential to go lower to around $2,380

(btw this new tradingview platform update is trash and only allows you to update trades once, so for now I will just use notes instead of trade updates)

13 Jan

Catatan

Good time to start scaling out of these shorts. It seems like ETH will make a retest of the highs one more time. Most likely we won't be able to bust through the highs here and it will double top, followed by a much larger crash. For now, it is probably time to start looking for longs to catch this final run up.