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Monday, May 03, 2021

ETH Elliott Weekly

ETH Elliott Weekly

Ethereum / U.S. dollar BITSTAMP:ETHUSD

Ethereum nearing a (3) High on the Elliott level weekly. This is a (5) Daily - So I am expecting a little more of a Bullish drive. A decent drop giving us a correction down from the 5th wave daily and into (4 Weekly).

Waiting to see the trend's character near the next level high. In Extension terms, it's very near an 11.618.

Now we are seeing some professional money coming into the mix - We can see the ETH Cash Settled Asset Managers taking 0.33k shorts off the table and the Leveraged Funds adding 0.409k Short & 0.201k Longs.


Just covered some of this with @Paul_Varcoe in the TradingView stream (link below)

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Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.



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