Bottom seems to be in for IOTA. Treating this as a swing trade! If we continue to keep going up with decreasing volume, it'll make me believe that the bottom is still not in after my target is reached.
One of the best looking charts for me whenever i get asked on my view for the dollar long term. Emerging markets have been no doubt, a strong signal to where the dollar may be going in the future. (or at least it has been my little secret, this whole time).
Be side my Elliott wave count, we cannot ignore that natural gas was going parabolic before the whole move up. Last parabolic move, we saw natural gas lose more than 80% of it's value before a bottom. This time, it'll be no different. New lows are likely to come.
Will most likely go up with low volume before another drop to complete this truncated 5th wave. Good to note that the MACD has crossed bullish! (Which confirms my bias that we'll get another push before heading down!)
As seen on chart, we got that a bounce off of 0.236 to place that "a wave" and now should the downtrend should resume to complete "c". Also, volume has been declining and the MACD has turned bearish! Very nice R/R for a short right here.
From a Elliott wave perspective, the future is doom for oil. From a volume perspective as well, we are getting some agressive selling. If things continue like this, expect oil to go to zero! (OR CLOSE TO ZERO.)