50/50 Chance
Reasons to enter trade Long:
1H Timeframe play
- Histogram ticking upwards on the 1h
- RSI oversold all the way to the 2h timeframe
- Potential correction completing soon.
Setup:
Fib Retracement Targets:
0.786 of the Extension $12.8877
0.786 of the Full Wave 3: $12.6456
1:1 Extension of the correction: $12.3021
Stop Loss: $12.1076
Target 1: $16.2716
Target 2: $17.1748 to $17.6499
R:R 6.41
Reasons why it might be incorrect.
If EOS retrace to $12.3874, my Elliott wave count of Wave 4 overlaps Wave 1.
Is this the correct wave count?
Without Risk there can be no possibility of Reward.
Update
If my targets don't hit,
a break above the last high will signal
to add the rest of my position to ride to Target 1.
Update 2
BTC reversed, pulling all altcoins with it. Stop loss hit. Lowest point at $10.01