SUMMARY
Internet of People (IOP) is currently correcting and finishing a very large Cup & Handle pattern.The symmetrical triangle fractals were well executed and as the symmetry in height from the left side and the right become quite close; a correction was the next step.
Once the handle formation is complete, after retracing about 50% of the right wall side of the cup, price is expected start impulsing again upwards. The chart below shows Elliott Waves going to $31.26 for wave 3 and $35.85 for wave 5.
The IOP/BTC is clearly laggin by far the IOP/USD pair. I've defined the reasons for this lag in earlier blogs and as long as Bitcoin price remains non-constant, the lag will continue. Regardless, the pattern and direction should follow that of the IOP/USD pair.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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