In my last Ether update I talked about an imminent breakout. But I was wrong and price 'sagged' into a b wave. When it was clear that price had hit a b wave top, I started to short it. But I was on vacation and had no time to post. While I did have some great short trades, I had expected an impulse down to $27 which is a major fib confluence off the bottom in the $5. We didn't get that either. I am now tracking an ending diagonal to new highs, but expect a very choppy trade. Diagonals are motive waves where bulls and bears fight so they don't have the typical price separation in a third wave. They are hard to trade. I am not clear where price will be after this. I am watching a scenario where this is a major top, or it does finally hit my $27 fib and bottom. I will wait and see. I can see both scenarios viable. But rest assured, a diagonal in this position if I'm correct we have that, is a terminal move. I'm not an Ether bear. Quite the opposite, but every great asset needs to correct to bring in new money.
Here's a link to the post on the basics of my approach:
https://steemit.com/cryptocurrency/@wildtrader/how-i-trade-cryptos-using-elliot-wave-theory