Hey guys, the current downleg on smaller timeframes might be the last one within the corrective structure. Once price has hit the potential buy zone, I will look for logical signs that the corrective structure has come to an end. If price will break out earlier, I will wait for further confirmation before buying. Once confirmed, price might head north targeting: 1) $5.55-5.59 area (testing the old high) 2) $6.60-6.65 3) $8.00
Happy trading!
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Note that wave E does not necessarily has to touch the descending trendline again. As price has already retraced after wave D into the lower territory of wave C, we might see an increase in price from the current level.
However, if this will be the case - my plan is to wait for a retrace after the break. No retrace - no entry, simple as that!
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Second scenario might be confirmed soon. For now, it looks as if wave E has come to an end earlier and we see a break soon!
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BOOM! :D Back in the game!
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Retracing
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Alright, so we saw more downside than expected. Nevertheless, I expect the forecasted upmove to happen. The structure still looks corrective and for now we might be either in a three wave or a five wave correction. If it turns out to be a three wave correction, we should see a break within the next hour. If we're in a five wave correction, expect the first potential buy zone level, marked on the chart above (3.18-2.85) to be hit. Cheers
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Just a small overview over the bigger picture. Typical 3 wave correction divided into five subwaves. Strong confluence at the buy zone marked on the chart above.
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Here is the alternate count. The picture seems to get clearer now. However, it's still unclear if we'll see a three wave or a five wave structure. A clear & strong break outside the wedge will be therefore the only kind of confirmation. If price will not break the wedge with the current upside leg on the 15min we might see price testing 3.05-2.85 area, as this is a heavy confluence area. The last option and last bastion is a completion of wave 5.
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Be careful guys, we might have just seen the end of wave B. Unfortunately we did not get a break above yesterday's daily close. Therefore, the current level we're sitting at is crucial for the PA of the next days. This thing might drop till 2.33-1.98 area at which it would complete wave C. From this price level, we can continue to ride the wave again. I'm out for now and - if price proves me wrong - I'll continue on buying on the next dips. Cheers
What do you think about iota, will you try to go up to the goal of 6.5 that you mentioned? I'm holding and I do not know what to do
BudBronson
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@Belegend, Yes I'll hold it - no matter what. The recent high is the minimum target, 6.60 the second one and the third 8.00 area
webmonkey
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I hope you're right.....I'm HODL'ing my loss right now.
BudBronson
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@webmonkey, the great thing with the overall cryptomarket right now compared to the forex market - and especially with a solid coin such as IOTA or Santiment is that - if you've really messed it up and you don't trade on margin, all you have to do is to be patient as price will most likely hit your entry region once again. Definitely not recommended, but I've seen it many times that people close their positions with minus 20 or 30 percent just to see that after a couple of days, sometimes even hours price has bounced back and they would have been not just breakeven but even in profit.
webmonkey
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@BudBronson, this is a perfect example. I thought I'd caught the bottom, waited for a few candles to confirm the upwards direction, bought in in and it started dropping again. but we're back up above my buy in now. So patience is key! I'd also had a stop loss in my head that I'd go to then close off the trade, but we didn't get near it!
thanks you for sharing your knowledge