$ICX BTC - Catching the third wave for 150%++ 1:11 risk/reward
Ladies and gentlemen,
In our last idea on ICX, we expected a decline to the .618 retracement at roughly 3700 but it only went 4000 and bounced back quite hard. Being that this was the confluence of the 800H MA and the 50% retracement, an algo target, we had a nice and strong impulse wave towards our resistance at 4900.
After coming to a hard stop at the 4900 resistance and failing at it several more times, we are low testing the possibility of going below the 800H MA again with a target of either the .5 retrace at 4000 for a double bottom or the .618 retrace at 3700 for a textbook WXY where the Y is 1.272 of the W.
Typically second wave retrace is between .618 and .786 of the first so I do expect the latter scenario to play out as we originally speculated in the previous idea
With that said, we should have some entries between 4000 and 3700 with a stop below the next support at 3500 just to be safe
Entries between 4000 and 3700
Stop: below 3550
Target: 9900, start taking profit above 8000 (100% gain)
Risk / reward ratio: 1:11
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
In our last idea on ICX, we expected a decline to the .618 retracement at roughly 3700 but it only went 4000 and bounced back quite hard. Being that this was the confluence of the 800H MA and the 50% retracement, an algo target, we had a nice and strong impulse wave towards our resistance at 4900.
After coming to a hard stop at the 4900 resistance and failing at it several more times, we are low testing the possibility of going below the 800H MA again with a target of either the .5 retrace at 4000 for a double bottom or the .618 retrace at 3700 for a textbook WXY where the Y is 1.272 of the W.
Typically second wave retrace is between .618 and .786 of the first so I do expect the latter scenario to play out as we originally speculated in the previous idea
With that said, we should have some entries between 4000 and 3700 with a stop below the next support at 3500 just to be safe
Entries between 4000 and 3700
Stop: below 3550
Target: 9900, start taking profit above 8000 (100% gain)
Risk / reward ratio: 1:11
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
