My position - Market Analysis on Jun 10th, 2018

I want to be crystal clear as I can. 

Tonight, we took very nebulous upside counts...diagonals, and cut into them. We haven't confirmed any downside, but we sure put even the diagonals in question. 

That said, as stated earlier, I saw max selling on a short time frame, to the level that can bring in a bottom. But I have no way of saying those bottom will hold because we took a tenuous count, and put a knife in it further. 

Until May lows break there isn't a confirmation of larger degree downside.

If we take out $600 in Ether and $7675 in Bitcoin, I'll have to look up again but it will just be back to a messy count. Further, when emotions run high on the board it is often a short term bottom. Actually, probably with 90% probability. I used to track it with a chart and notes.

I'm still trading the larger degree bull market. But you have to decide who you are and what you want to risk. If you stopped out tonight, you must be a short term trader or swing trader. If you didn't, you must be a long term trader, and you are planning to add at some of those bearish counts but will take any bottom that comes in as a short term gift. 

If there is any discordance between your actions and your goals, then you need a tradeplan. I suspect some of you are in this category given the emotion, but that's between you and your pocketbook. 

Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.