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ILV/USD

Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.

Chart is on the 4h timeframe cause the coin is still relatively new.

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Since ILV has two huge wicks going up, i'm not sure if we could use that as a part of the wave count. However, since the RSI also spiked with it, I think it's good.

Either we're working on a new impulse wave up to complete the 5th wave up or we're still going a bit further down for the 4th wave. I have an updated chart below showing a steeper retracement and a different wave count. Below chart shows a completed 5th wave/1st impulse wave on a larger super elliot wave cycle