BNBUSDT Short (Longer term view)

Here we have a longer term trade for BNBUSDT shown on the daily chart.

The Elliott Wave pattern shown in the image is an "ABC" pattern.

Blue wave (A) moves upwards and consists of 3 waves: A,B, and C (in yellow).
Blue wave (B) moves downwards and consists of 3 waves: A,B, and C (in yellow).
In accordance with the theory, wave C in an ABC must end with 5 waves, which is what we see with blue wave (C).

Blue wave (C) also formed an "ending diagonal" which usually signals that a sharp reversal is due ahead.

Entry price 1 is so that the position can be entered in case we continue down from here and is at 311.03
Entry price 2 is there in case the market pushes higher one last time before moving down and is at 347.35

Be cautious not to over allocate capital at Entry price 1, otherwise your risk:reward ratio will go down to around 1:1

Profit target 1 is at 253.77
Profit target 2 is at 235.74

As always this is not financial advice and is only intended for educational purposes