GramTooNoob
Long

Correction to $4.3 then up to $5.7

BITFINEX:IOTUSD   IOTA / U.S. Dollar
Wave chart suggest that wave 1 has ended, and I confirmed a wave 2 correction in progress. Target buy zone around $4.3. Give and take $4.2 / $4.4. Then upwards onto wave 3 towards $5.7

Fundamentals are still very hopeful with many waiting to buy below due to a short downtrend. Once they realized that the downtrend has reversed, FOMO should give wave 3 an explosion rush with a possible extension. I recommend to swing trade for this. Note that wave 5 may not happen if the news on 14th and the other 90% news turns out to be empty. Remember that developers have intention to tease price, so they can dump their portion for Christmas presents. May the force be with you.
Trade active: Support found at $4.4. Enjoy the ride =) Remember not to greed, targets can always change.
Comment: Price Target Update,
1) $5.7 (Conservative)
2) $6.5 (Ideal)
3) $7.9 (Only if extended)

This is just wave 3, there is a small wave 4 correction that may trade side way for awhile then onto wave 5. Will update in new idea then, this only covers up to end of wave 3.
Trade closed manually: Correction changed into a double zigzag, further correction down into $4 or $3.8. Market still seems bearish.

Comments

do you still see 4.0 or 3.8 or are we bearish enough to go sub 3?
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GramTooNoob need2sleep
@need2sleep, I'm seeing lower, $3.6 or $3.5 now if this triple zigzag is confirmed.
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I got a different buy zone of around 4.1 to 4.2
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GramTooNoob Foxace36
@Foxace36, are you expecting it still go lower? I'm currently seeing small consolidation in an up channel before breakout.
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Foxace36 GramTooNoob
@GramTooNoob, Either 4.5 was the correction, and we fly from here, or we go down to 4.1. I've been analyzing for hours, and if this new up trend is an impulse up into wave 3, the sub wave counts aren't making any sense. That's why I am still feeling bearish for 4.1 https://i.imgur.com/gJP4V6m.png
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GramTooNoob Foxace36
@Foxace36, you are right, my bad. I miscount it as ABC instead of 12345 into a zigzag correction.
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Foxace36 GramTooNoob
@GramTooNoob, Looks like it was correct. 4.2 is about to get rekt. 4.3 already did.
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GramTooNoob Foxace36
@Foxace36, sad part of TA. It's always changing lol. $4 looks good, if there's no triple zigzag, wave 3 should start from there.
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It's just amazes me how people rather day trade this bullish market and take a high risk of losing.
HODL is just the best option...
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@hamora, it really depends on where you hold. If you bought in at the top, hold is always a bad idea. Had the double zigzag correction complete, this would be a brutal downtrend. Holding from a trading perspective requires buying more from the bottom out, then dumping on the market to break even. You should read my book when I finish it.
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