Eboard10

IOTA - Just one more leg down to go

BITFINEX:IOTUSD   IOTA / Dollar
In ElliottWave terms, IOTA has shown a clean impulsive 5 waves up from $0.14 to $1.10 this summer followed by a corrective 3-waves down move which is still in progress.

However, it does look like IOTUSD             is nearing a bottom which should complete over the next few weeks. As with many cryptocurrencies, visualising the chart is best done in log scale and hence the fib levels themselves should be log-based. As such, I am looking for a bottom around the 0.618 retracement of $0.31 or the 0.764 retracement of $0.23.

While it could still technically retrace lower, a strong move below $0.23 would have me rethink the count though it's less likely to play out at the moment.

Once the correction is complete, the ensuing rise should take us to at least $5 and above in H1 2018.
Thanks for the analysis. At the time of your posting it had already touched 0.31 , so you are saying it still has one leg down from here ?
+1 Reply
Eboard10 MarRob
@MarRob, the recent low was more like $0.32. While it could have already bottomed, I would feel more confident with one more low. Now if the price moves above $0.43 then I would see as IOTA as having completed the correction.
+1 Reply
MarRob Eboard10
@Eboard10, thanks
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MarRob Eboard10
@Eboard10, completed the correction ?
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Eboard10 MarRob
@MarRob, If the price moves above $0.50 to complete a 5-waves up move then we will have completed the correction. Otherwise, still in progress.
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What makes you say its going to shoot to above $5?
+1 Reply
Eboard10 ObadiahBridges
@ObadiahBridges, it's what the fibonacci levels point towards as a minimum target for wave (3) once the current correction ends. I will show it in a future post.
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