Given the perfect low on the Wave-4 this is a text book Elliott trade. Clear structure. Excellent risk reward. Very clear invalidation points. If the entry is filled at the 50% you've got a 7.5-to-1 risk reward. I like the stop just below the 78.6 around $272. But if that's too much risk for you... you can place a stop just below the 61.8 outside of the lower channel boundary.
The perfect entry would be between the 50 and 61.8 with a kiss of the channel. But keep in mind the tendency for algos to front run the 50%. If you're an ETH bull, as I am... this is your boarding gate. Don't miss the flight.
Nice analysis as always, @tradedevil ! I feel good that your count and mine agree with each other, with just a minor difference. Instead of a zig-zag wave 4 in your count, I had an irregular correction count for wave 4 of which wave C is exact 138.2% of wave A and also wave 4 makes an nice exact 38.2% retracement of wave 3. The minor difference sure doesn't affect any incoming entries or targets. I just want to make sure I'm not overly obsessed with irregular correction like I had on BTCUSD (or really I am ? LOL)
Here's my chart:
Thanks!