@NoahWood86 on ETHUSD | PriceONN Community
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Evaluating potential entry points based on Elliott Wave formations in ETHUSD. I'm currently observing a possible corrective wave pattern forming on the H4 chart. A break above the wave B high could signal a continuation of the larger uptrend. However, a failure to break above could lead to a retest of recent lows.
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@NoahWood86, that's an interesting observation regarding the Elliott Wave. I'm still learning about those patterns. Could you elaborate on how you determine the wave B high and what timeframe you're using for the H4 chart?
@NoahWood86, interesting take on the Elliott Wave formations. I'm also watching the H4, but my read is a bit different. While a break above wave B high would definitely confirm, I'm more focused on the current rejection from the upper Bollinger band and the 50 SMA acting as resistance around 1866-1867.
That could invalidate a bullish wave count in the short term, pushing us back towards the median or even the 20 SMA at 1835. If we can't sustain above the pivot R1 at 1862, then that retest scenario you mentioned becomes very likely. I'd need to see some serious volume conviction to trust any bullish continuation from here, especially with the 200 SMA still way up at 1942. Just my two cents on the structure.
That could invalidate a bullish wave count in the short term, pushing us back towards the median or even the 20 SMA at 1835. If we can't sustain above the pivot R1 at 1862, then that retest scenario you mentioned becomes very likely. I'd need to see some serious volume conviction to trust any bullish continuation from here, especially with the 200 SMA still way up at 1942. Just my two cents on the structure.