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Hi guys,
Legal disclaimer: I am not a financial advisor, this information here is for educational purposes, to foment discussion and help the crypto community...
This is gonna be my first post, gonna be as clear as possible. Bear with me, please.
This is my ETH chart, 1-hour chart, I am looking at the whole motive impulse wave down(3rd wave)
Elliott waves come in two flavors:
Motive, we count it using numbers and often with one of the waves extended, the wave 3 is the most likely to be extended.
Corrective(letters)
Doesn't matter the direction of the wave, either up or down, both can be either motive or corrective(actionary and reactionary).
What does matter, is the trend, the direction of the movement, in our case, ETH, what we have is a downtrend. (red arrow down)
Thus, a correction would be a movement contrary to this trend, a movement up(green arrow).
This is what happened. It has finished the wave 4 and now it's going down. According to the Elliott waves principle, the personality of waves 4, which is what we had before, is that they are flat and take more time, it's exactly what happened.
Now, we have the last five waves down, wave 5, to complete our whole motive impulse wave down 12345. A great opportunity now, wait for this wave 2 retracement, to enter a short. Do not enter now, wait for this whole movement down, enter if it retraces to wave 2, I marked a price range in the picture and a short setup:
RISK MANAGEMENT is crucial. Notice that I prefer to take my profit sooner, wave 3 instead of waiting for wave 5. Look at how I place my stop loss. The first rule of trading, stick with your stop loss.
Thanks for all the support!
And as always, enjoy your trades!!! :D
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