Ethereum has been on a tear for several days now. As regular readers know, I had a target of $60-62. That target was reached a few days earlier than I expected, and I fully intended to focus my attention elsewhere after exiting at $60. But the advance has not stopped yet. Pricetime is giving every indication that it will push through the 5th arc:
Pushing through the 5Th arc is obviously a signal that the run is not over. There are a couple of possibilities. One of them is that the run will push toward the top of the 5th square. So, lets take another look at the setup above to see where the top of the 5th square is:
As you can see, the 4th square tops out at ~ $75, and the 5th square tops out at ~ $105. Interestingly, note that there is an energy date (pink vertical line) almost exactly at the end of the 5th square in time. My guess is that that date ~ May 4th, will mark a top. But where? $75, or $100?
There is another way to look at this. Perhaps my setup is simply too small. Let’s re-size the setup to the next logical place, and see what that chart suggests/shows:
I think it goes without saying that I do not know for certain which of these setups is “best”, though my preference is to rely on the smaller setup. However, even this larger setup, in a truly remarkable and fractal way, shows resistance at the same place in pricetime, though here the arc being touched is a 3rd arc (which has been penetrated).
This setup shows the energy date of 5/4/17 at the end of the 3rd square in time – also a likely turning place in time. $75 does not jump out as a likely resistance point on this chart however. Here, 4th arc is seen ~ $95, and 5th arc is seen ~ $128. Note that $105 shows up here as the top of the 3rd square…
I expect I will look for a place to re-enter this market on the long side, as this coin could conceivably DOUBLE from here in just a few days. Time will tell….
Remember: The author is a trader who is subject to all manner of error in judgment. Do your own research, and be prepared to take full responsibility for your own trades.