Update: ETH's arc suport lost. Next 1250, or 1180

This is an update from my previous post (see the related ideas below).
The arc support, Fibonacci extensions' 0.786 of the large H& S, is now lost. The red candle is testing the bottom of the channel.
A rebound is possible here but considering the absence of the arc's support, together with the established larger and smaller Head and Shoulders, the price might not be grounded still after the plummet.
Instead, I suppose ETH may find more solid support somewhere on Gann Fan (green), as explained in my previous ideas. So watch 1250 (channel) and 1180 (Gann Fan) next.

Comment:

Gann Square, the built-in smart tool of TradingView, is provided with many fans and arcs. If properly plotted, every single one of them is considered to serve as S & R. Not to mention their crosspoints.

In this chart, I applied it basically so that only the strong movements (e.g. progressive waves in the E.W. Theory) in the trend direction penetrate the arcs and the crosspoints. The third and fifth arcs are said to be stronger than the others.

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