ETH reached a major target, the 1-1 FIB extension of the last impuls (wave 3-4). Overal we are in the 2 - 2.618 region of wave 1, which is common region for Elliot Wave impuls 5 topping out.
On the low time frame/5 minute chart we could see signs of a market structure change, which could indicate the rally up is completed and a pullback is imminent. Keep an close eye on the local price action at the 4800 level.
Trade safe!
On the low time frame/5 minute chart we could see signs of a market structure change, which could indicate the rally up is completed and a pullback is imminent. Keep an close eye on the local price action at the 4800 level.
Trade safe!
Comment:
We are seeing a reaction at the 1-1 FIB in confluence with the top of the rising channel. I have marked out some levels for immediate support. The bottom of the channel in confluence with the golden ratio from the last low to high will be an interesting price point. Lose the channel and the key level of 4330 then I can see a big pullback all the way to the $3400 area. Also the monthly level in confluence with the high volume note just underneath is something to keep an eye on.
Offcourse, this doesn't mean we are going to drop off instantly. Take out the 4330$ low and we will see a HTF market structure change, then the probabilities of a larger pullback is increased.