Elliott Wave Analysis: ICXUSD Can Be Forming Wedge Pattern
Updated
Hello Crypto traders!
Today we will talk about ICON cryptocurrency in which we are tracking the final wave C that can be completed within a bigger ending diagonal (wedge) pattern, where ideal support would be around 0.50 - 0.40 area, where we also see 161,8% Fibo. extension target of wave A.
An ending diagonal a.k.a wedge pattern is a type of pattern that can occur at the completion of a strong move. It reflects a “calming” of the market sentiment such that price still moves generally in the direction of the larger move, but not strongly enough to produce an impulsive wave.
Ending diagonals consist of five waves, labeled 1-2-3-4-5, where each wave subdivides into three legs. Waves 1 and 4 overlaps in price, while wave 3 can not be the shortest amongst waves 1, 3, and 5.
As you can see ICXUSD can be trading in final stages of wave "v" of C, but final subwave (c) of "v" is still missing, so watch out for that final drop, maybe even a spike before bulls show up.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about ICON cryptocurrency in which we are tracking the final wave C that can be completed within a bigger ending diagonal (wedge) pattern, where ideal support would be around 0.50 - 0.40 area, where we also see 161,8% Fibo. extension target of wave A.
An ending diagonal a.k.a wedge pattern is a type of pattern that can occur at the completion of a strong move. It reflects a “calming” of the market sentiment such that price still moves generally in the direction of the larger move, but not strongly enough to produce an impulsive wave.
Ending diagonals consist of five waves, labeled 1-2-3-4-5, where each wave subdivides into three legs. Waves 1 and 4 overlaps in price, while wave 3 can not be the shortest amongst waves 1, 3, and 5.
As you can see ICXUSD can be trading in final stages of wave "v" of C, but final subwave (c) of "v" is still missing, so watch out for that final drop, maybe even a spike before bulls show up.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Note
ICXUSD Update: Despite recent bigger intraday recovery, the wave structure still looks corrective, ideally as part of a bigger bearish running triangle within wave "iv", so still be aware of a retest of the lows and 0.50 - 0.40 support are for wave "v" of C before a bullish reversal.Note
ICXUSD is making a bigger recovery, so we have slightly changed the count, but direction remains the same. ICX can be still can be nearing important 1.3 – 1.5 resistance zone within a three-wave a-b-c correction for wave B, so here as well be aware of a strong reversal down back to lows for wave C, which can send the price even down to 0.30 strong support area.
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