ICON (ICX/BTC): Two Paths but Same Destination
At first site ICON (ICX/BTC) price movement seems to be in a complex corrective mode. It could weall easily be labeld as wxy or another way. For simplicity, the below chart shows an a,b,c and the current price rise could be moving towards wave 5 for a higher high.
Patterns often release what seems complex into simplicity. This is one of the primary reason I've combined Elliott Waves with Chart Patterns. The below shows a triangle being formed as outlined by the blue a,b,c,d,e waves. The MACD seems to support as higher low is generated. Clearly price needs to either breach out and above the upper white line or complete the e wave. Either way, wave 5 should be placed soon.
Legal Disclaimer: 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?
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