SUMMARY
On February 23rd; AION was analyzed using the below chart. The WXY label was introduced to track the corrective consolidation. As the subwaves show, the red Y wave was projected to occur after one more bounce in the form of a b (white) wave. The double three label is usually the choice of marking when price develops a sideways action.
Currently, price is holding to the projection overall. The final abc (white) waves have further developed by completing the b wave and the c leg could also be near completion. One has to be cautious about sideways action in price because for Altcoins especially, it could continue for an extended period. Most early ICOs have experienced this type of multi months of sideways price action that could frustrate any trader.
The final five waves of the white C of red Y shows a downward impulse where all waves are complete except for 5. This could be signaling a potential bottom for for Altcoins, a WXY has a notorious habit of morphing into a triple three, wxyxz.
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