Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of ETHUSD published in members area of the website. As our members know, Ethereum has given us good buying opportunity recently . Our team recommended members to avoid selling , while keep favoring the long side and buying the dips against the 1370 pivot. We got correction that reached our buying zone. ETHUSD found buyers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
ETHUSD Elliott Wave 4 Hour Chart 06.12.2023
ETHUSD is showing incomplete sequences from the peak. Structure of the pull back looks incomplete at the moment. We expect to see more weakness toward 1668.3-1450.5 area which will be our buying zone. We don’t recommend selling ETHUSD against the main bullish trend. Strategy is waiting for the price to reach blue box- equal legs zone, before entering the long trades again. Once bounce reaches 50 Fibs against the ((x)) high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 1450.5
Quick reminder:
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Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
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ETHUSD Elliott Wave 4 Hour Chart 06.12.2023
ETHUSD made decline and reached buying zone at 1668.3-1450.5 area ( blue box) . Pull back completed at the 1622.7 low and we are getting good reaction from the buying zone. Bounce reached and exceeded 50 fibs against the connector’s high. So members who took the long trade are enjoying profits now in a risk free positions.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
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