spacemonkeey
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ICON preparing for 5th Wave

BINANCE:ICXBTC   ICON / Bitcoin
As with virtually every other coin this week, we've seen a healthy correction with ICX.

The Guideline of Equality is an Elliott Wave guideline (read: not rule) that states that two of the subwaves in a five wave sequence will tend towards equality, meaning they will likely show the same distance/length. This frequently occurs with the 1st and 5th wave. Since we can define 4 of the waves already, we can say with certainty that the 1st wave does not equal the 3rd (as that wave is extended.) Therefore we can probably assume that the last wave will travel about the same distance as the 1st. The green horizontal line marks this measured move.

As we all (should) know, trading is a game of probabilities and we should aim to find opportunities with higher chances of success. To pick one absolute target price is, at least in my mind, a pretty big gamble. So what I like to do is create a target box bound by the measured move stated above with at least one other technical tool. The fib extension line in this case.

One guideline of the fib extension is that if the 3rd wave reaches the 1.0 level of the waves 1-2 extension, then the 5th wave can possibly reach 1.0 of the waves 3-4 extension. The red line shows this level. Using these together creates my target range and if I decide to indeed take profits here, I will ladder my trades within the blue box.

TP: 10700 - 11500 sats

As always, I'm not an expert here and should never be treated as one. These analyses should only be used in comparison with your own TA! Happy trading fam             .
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