ETHUSD 15-Minute Chart Analysis
I'm considering a SHORT position based on Elliott Wave analysis. The chart indicates a completed five-wave impulse to the upside, labeled (1) to (5), signaling the start of a corrective phase typically comprising waves (a), (b), and (c).
Current Correction Progress
The initial corrective wave (a) is visible, followed by a bounce for wave (b) that appears to have encountered resistance. At present, wave (c) seems to be underway, potentially targeting Fibonacci levels at 0.386 (3118.1) or even 0.618 (3071.9) as its final destination.
Future Strategy
I am monitoring price action to confirm the continuation of the downtrend. The plan is to initiate a SHORT position at the start of wave (c), with a focus on the 3118.1 level. A breach below this point could strengthen the case for a move towards 3071.9. Risk management is crucial, and placing a stop-loss above the recent high of wave (b) is advisable to maintain control in the face of potential reversals.
