Our Ethereum setup from September 21st has played out well so far and the minimum target has been reached. Now it is setting up for a potential short opportunity for the next push to the downside. If you didn't catch our swing short setup on September 1st at $471, this is the next shot at it.
If we don't reject from here or the .786, my ideal entry would be at the 1:1 with a stop loss at $456. The stop loss may sound far away, but it still presents an opportunity with a greater than 2:1 R/R and $450 is a great area of confluence between the 1.618 extension, the .786 retracement, as well as a strong area of resistance.
That's just in the short term. Really, the move that we have been looking for is significantly greater.
If we don't reject from here or the .786, my ideal entry would be at the 1:1 with a stop loss at $456. The stop loss may sound far away, but it still presents an opportunity with a greater than 2:1 R/R and $450 is a great area of confluence between the 1.618 extension, the .786 retracement, as well as a strong area of resistance.
That's just in the short term. Really, the move that we have been looking for is significantly greater.
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