First time posting, so take with a pinch of salt.
This is how a bullish case for ETHEUR can develop as I see it.
I'm taking the peak of €794 as wave 1, which therefore makes the correction we are currently undergoing wave 2. Assuming a 1:1 fib extension, wave 3 should be hitting highs of €862 in the coming days – PROVIDED THAT we do not fall outside of the channel by more than a wick on a medium timeframe.
I believe we're making our way towards the end of an ascending triangle, so I'll be looking to buy on the breakout, which I'm calling out to be €771-774, i.e. above the double top of the correction and a touch above wave (iv) of the preceding wave 5.
For clarity, I've put fib retracement numbers on the left, and extension numbers on the right.
This is how a bullish case for ETHEUR can develop as I see it.
I'm taking the peak of €794 as wave 1, which therefore makes the correction we are currently undergoing wave 2. Assuming a 1:1 fib extension, wave 3 should be hitting highs of €862 in the coming days – PROVIDED THAT we do not fall outside of the channel by more than a wick on a medium timeframe.
I believe we're making our way towards the end of an ascending triangle, so I'll be looking to buy on the breakout, which I'm calling out to be €771-774, i.e. above the double top of the correction and a touch above wave (iv) of the preceding wave 5.
For clarity, I've put fib retracement numbers on the left, and extension numbers on the right.