SUMMARY
ICONOMI (ICN/USD) shows two consecutive runs of a descending wedge and these are labeled as Fractal #1 and #2. Note the price rise from the breakout of the first fractal. Can we expect the same from the second?
Fractals have utility in providing options for what are the next probable price pathways. Using the attributes of fractal #1's 600% price rise; extrapolating the same for the second fractal would provide an $8 target. However, given that the second fractal is about 2/3 the size of the first; making the price rise equal to the starting point of the pattern would provide a target of $5.47 or 440%.
Then adding Elliott Waves shows the corrective waves (abc red) in both fractals plus the projected future price pathway of the white impulse 1,2,3,4,5. Only in Cryptosphere can such returns be possible in such timeframes....this would never be in the Stock Market.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
