$ETC - The channel looks good

We have a beautiful 5 wave structure building contained within the channel. We are in the 4th wave and likely close to completion, assuming that the correction will be shallow because wave2 correction was deep

I have 2 possible targets for wave5 in the chart, the larger one expects the price to breakout of the channel.
Invalidation of this setup is price going below wave1 top (pink line)

All the best!

Kommentar:

The 4th wave corrected (0.5 Fib) to the channel bottom and bounced. If we can maintain the price above the invalidation and get back/stay into the channel we can see our 5th wave targets playing out

All eyes on BTC now

Kommentar:

Its great the price is holding up just above the invalidation level despite the weakness from BTC, the 200 DMA is acting as support. This now appears to be a very low risk, high reward long

Kommentar:

Count invalidated

Trade geschlossen: Stop wurde erreicht

Kommentar:

We mentioned that 4th wave can't go below wave 1 top unless its just a wick. Notice the wick out above the invalidation level. This is really interesting

If we this continues to stay above the invalidation level, 5th wave can playout.
Lets see