- Bearish rising wedge is currently forming on 4h chart - Impulse Elliott wave completed successfully - we are looking for a pullback - Maybe the main horizontal level was a bull trap and the price will fall - You can buy at 0.618 fib for a short term trade
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That is not a rising wedge. Your resistance/topline makes no sense. It is cutting the top of the candles off just to fabricate the wedge. Looks more like a rounding bottom or at least a rising channel. Use a daily chart, much better for long periods such als this. Easier to recognize patterns.
Tolberti
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@Matthew1972, I connected the trend line from wave 1 to wave 3, I didn't cut anything. Now it looks like the wedge is breaking down.
Matthew1972
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You can draw any bias you want ;-))
PS, very much appreciate your work, dont get me wrong!!!!!
Tolberti
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@Matthew1972, Alright, its a valid channel. However, we have Elliott Wave Impulse completed. Clear 3 waves to the upside.
Matthew1972
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@Tolberti, Another way of looking at the ETHUSD chart. Go to the weekly. We just flipped resistance into support and now retested support.
Tolberti
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@Matthew1972, Yes, but we need to wait another 4 days for the candle to close.
Matthew1972
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@Tolberti, Together with the monthly close on especially Bitcoin. Exiting times. Cheers!