matchgrip

ICX - ICON The Beginning of Wave 5 (Possible 68% Profit)

BINANCE:ICXBTC   ICON / Bitcoin
It seems to me like the we see a big bullish impulse move. If the correction wave 4 breaks the triangle pattern support, it can retrace back to 0.5 fib before it bounces up to begin the wave 5.

The target for the wave 5, is the zone between 1.618 Fib extension of 1-2 Waves and 1 Fib extension of 2-3 Waves. The stop-loss is just under the end of Wave 1 as according to the Elliot Wave Rules, Wave 4 can not go lower than the end of wave 1.

So, if wave 4 retraces back to 0.5 and then bounces back, that would be a good point to entry, because the gain potential is huge and the loss potential is really low. But like I said, it may not retrace it to that level before it begins its way up to form wave 5. There seems to be a channel support forming as the correction pattern seems to make higher lows.
評論: The price is testing the 0.382 Fib support. I had placed partial buy orders from here down to the 0.5 Fib.

Let's see if the price will bounce back soon to begin the big wave 5. Fingers crossed ^^
評論: Perhaps it can be more cautious if we make the retracement zone a bit bigger to down. If the 4th wave is a flat correction(which generally is) than C may end 0.618, 1 or 1.618 related to A. Here if it goes beyond for 1 or 1.618 that means that it's now crossed the end of Wave 1 and that my whole analysis is wrong and this not the 4th wave. Anyway that's why we have a stop loss there. So I'm adding the zone between 0.618 of the wave A and the end point of Wave 1 to the retracement zone:

評論: Also, this channel is important to mention:

評論: This may also be a contracting triangle correction. We should keep an eye on the end of the C wave.

交易進行: All coins are on the rise. It seems like the first wave has formed, if this is indeed the 1-3-5 subwave of the first wave of the big 1-3-5 impulse wave, we may be going strong up to the target zone areas.

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