SUMMARY
The correction for IOTA has been trekking within the confines of the contracting lines of the triangle now for almost four months. It can be labeled as a broad stroked expanding ABC triangle (red), which is another very preferred and common type of corrective waves for Altcoins.
The MACD on the daily chart is showing a positive divergence which if often bullish in outcome. As the MACD is putting in higher lows, the price has been putting in lower lows. This is another phenotype of internal exhaustion of sellers. Once the red C wave completes, some excitement could be had.
The subwaves have been filled in and the last remaining blue wave 5 set is about to be placed. Blue wave 5 coudl be a day to half a day from completion. A four month long correction could still extend in time; but still, from a % measurement, the expected breakout from this downward wedge will still be impressive. Is NOW the time to be taking buying or selling actions?
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