ETH Close to Critical Break
Follow up to the ETH bull trap post below.
Since filling this we've acted much in line with the forecast of a classic uptrend failure.
We made the 76 top and dropped to the 50.
From the 50 we attempted to make a new high but failed again at the 76.
50 then was a bull trap fib to 61 and we had the 50 break.
Now we may break the 38 fib leading to some type of capitulation.
The move is almost identical to the roadmap. One big deviation from it when we traded from the 50 to 76 (Rather than 50 - 61 as the forecast).
In our original forecast we'd have this level as a soft bounce level and then the 38 break. 38 break usually sees a sharp drop to the 23 fib.
Since filling this we've acted much in line with the forecast of a classic uptrend failure.
We made the 76 top and dropped to the 50.
From the 50 we attempted to make a new high but failed again at the 76.
50 then was a bull trap fib to 61 and we had the 50 break.
Now we may break the 38 fib leading to some type of capitulation.
The move is almost identical to the roadmap. One big deviation from it when we traded from the 50 to 76 (Rather than 50 - 61 as the forecast).
In our original forecast we'd have this level as a soft bounce level and then the 38 break. 38 break usually sees a sharp drop to the 23 fib.
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