SUMMARY
IOTA generated a wxyxz (blue) as its correction which retraced almost to the prior wave 2 even in the abscence of an extended wave 5. Since the blue Z wave completion, price impulsed in five waves up (white). The key question is when will the ongoing correction complete.
The white impulse waves traversed in fives but in a channel (blue lines). This could be seen as a bear flag which makes sense since there is a requisite correction following a five wave move.
When seeing the closeup of the chart, the minor correction could be contained within the boundaries of a symmetrical triangle. The label of the abcde is temporary but the red E wave targets the 0.618 Fib level.
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