A weekly update for ICON. We are about to finish our first impulse wave up (orange) and are still on target for the larger wave up (yellow). In the short term we are expecting a retracement to around the 3380 - 3271 sats. If it drops below 3271 for an extended time then it will invalidate the orange wave count.
Note: This is just for entertainment, do not...
OMG has had a huge 50% move up and then dropped more than 20% in less than 48 hours. How is that for volatility! Have the bears finished their work, will the bulls resume? With the huge run up to 2066 stat yesterday it completed the larger degree wave 3 (blue) and started the retracement downwards. The retracement hit the golden pocket (yellow box), will it...
After hitting bottom of 2146 stat in March that signaled the completion of the Primary Wave 2 (white). If Elliot wave count holds we should be on our way heading up for Primary Wave 3. Within Primary Wave 3 we will have many smaller Elliot Waves.
I believe that we are currently in a smaller sub wave (yellow) and just hit the bottom of wave 4 after hitting...
It appears that we will be heading lower in the short term due to a few things:
1. We are still in the overall downtrend from the highs of $20k. Have not seen a strong impulse wave to the upside yet.
2. We have a major support trendline in red that looks like we broke through and it has a strong possibility of becoming a resistance line.
3. Current Elliot...
Bulls unexpectedly scratching and clawing back against the bears today. Bulls may have potentially kick stated an impulse wave going up at least temporarily. Seeing waves 1-3 already formed, waiting for completion of wave 4 before going higher to complete wave 5. For long traders, the safe bet would be to wait until it clears above wave 3 at around 7500 before...
We are not out of the woods yet for BTC long holders. We are bouncing in a correct channel right now. For day traders definitely take advantage of the channel action is it is bouncing perfectly. Swing traders I would wait for confirmation of the it breaking below the yellow channel before entering into a short.
From an Elliot Wave count we hit the end of wave...
