SUMMARY
IOStoken (IOST/BTC) is one of those that started its genesis as a correction. The red ABC waves show that wave A was a rapid vertical decline and its subwaves are probably impossible to discern. Since the coin started as a correction, the B wave is a clear three wave as expected and the very long, drawn out C wave's subwaves are labeled.
In combining pattern with Elliott Waves, the completion of five subwaves of C provides confidence data that the bottom is likely placed. The symmetrical triangle (blue lines) also show price to be ready to start rising out of the contracting lines. From a bigger perspective, the white line shows what could be a Cup formation and likely 2/3 of it is already complete. IF so, then poisitioning the Elliott Impulse Waves (white) show how the right side of the Cup pattern could be finished. The height of the right side could reach 1,132 Satoshi.
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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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