Correction Wave

1 juin 2017

Short until ±163 price level

1 juin 2017

Note

1. If we switch the timeframe to 4h, we can already see that the red(ETH) ATR Line, has crossed the blue(USD) ATR Line, suggesting reversal (1)
2. From yesterdays candle we can see that it is reversal hammer
3. From (1) we can see that the candle for today will close below the pivot point, suggesting correction.
Both 1, 2 and 3 suggest the end of the Impulse (Wave 5), the only possible option is to enter a correction, and we can expect a 5(a)-3(b)-5(c) wave structure, the major support levels are the 0.618(191 price level) and 0.382(162 price level), somewhere in between those two price levels the correction wave a will be completed, the lowest point will be 162 price level, I would suggest taking profits below 170 price level