SUMMARY
IOTA is a coin I had recommended at sub $1 and at that time a few months ago, many had doubted the call because of the supposedly high inflation rate with new coins. Well, IOTA went as high as $5.30 and is now doing a healthy correction. Note the MACD and once it dips a bit lower, perhaps in a divergence from price, it would become oversold, indicating that there are no more sellers so that the bulls can take back control. The chart below shows an a,b,c,d,e type as being the primary. If this is correct, then the Elliott Waves should take IOTA to $12.22 or higher!
Here is the alternate with an expanded flat a,b,c correction type. However, given the "Hurry Up & Wait" syndrome of Altcoins, this correction type is too quick and doesn't allow the longer elongated corrections. Still, it could morph into something other pattern which could be shared at later post.
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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