Ethereum Classic! Based on the chart, it looks like we are in the process of an A – E correction (i.e., wave 2). We touched the 0.382 fibo so I think we are bound to float sideways for a while (until April 2018!!!). But there are plenty of opportunities along the way unfolding along several months. Currently we are on the way from correction point A to B with a potential gain of 25% between now and the end of September. I would then exit the trade and look for another entry in November. I will not be taking this trade as it moves too slow. The reason this might be attractive for you is that it seems this market is quite liquid for large and “stable-ish” positions. I will be all over this trade next year when we get closer to the bottom of wave 2 and the beginning of wave 3 which could be a monster trade.
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Entry point here:
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Moved up nicely. If you entered at the suggested entry point move your stop to $16. Will most likely hit sub-0.5 fibo and come down a bit to test the sub-0.382. That would provide another entry point at the new support level. The trend line is tried and tested. Coupled with the wave we are in, we should not be afraid to get involved here.
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NICE NICE
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WOW. I did not think we would reach TP that soon... So much for joining that one! I think thats the top of wave B, and I don't expect this asset to go any higher. If we go over $23 I'll have to reevaluate.
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That should be the end of that.
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Heading toward the trend line. Lets see if it bounce at approx $16.30ish level. If not, we will have a confirmation that we are in wave C.
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Watch the green line, if it breaks we will see $14. We have already breached the max fibo and we never made above the sub-min fibo. Not good.
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We broke the max fibo at $12, so I expect a collapse in this asset. We are forming a gigantic head and shoulders formation in the ETCBTC chart. This will put it into a secular bear market. :(
NOTE: TV deleted my working chart for ETCUSD, so I'll post a few images once I get one together again.
NOTE: TV deleted my working chart for ETCUSD, so I'll post a few images once I get one together again.
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MIN TP. The falling price of the USD in the BTCUSD chart will compound the fall.
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FYI:
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0.5 major fibo retracement. This is you last opportunity to exit the market.
