IGNIS/ETH is very close to the Apex, the point at which the two triangle lines intersect. The retracement thus far has also been 78% or 0.78 Fibonacci level. Yes, a rather deep retracement; but just as no coin can go up forever, a correction does not last forever either. This means that at terminal ends of corrections, one can a reversal and one should be occuring for IGNIS/ETH.
Once that resumption of the original up trend occurs, the below Elliott Wave scenario shows potential wave 3 target at 0.071 ETH and wave at 0.0798 ETH.
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
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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