Hey Traders,
The chart shows my trading plan for $ICP in the near term. We've got a nice impulse going but this obviously will depend on BTC. I think we get an opportunity to refill our bags between $52 - $48 range, I plan on scaling in here with a stop loss below $47 (below $47 would invalidate that we're in an impulse). I think we could ride this sub wave 3 of the larger three wave to the 1.618 or 2.618 fib extension, $95 or $120 zones respectively (red boxes). I've drawn out the more conservative estimate ending at the 1.618 fib extension (TP1) ending the sub wave 3 but we could definitely see it extend up to the 2.618 (TP2). If sub wave 3 goes up to 2.618 fib extension, then I would need to update the chart because our ending wave 5 would be much higher. The yellow wave count looks to be our overall count while the light blue wave count is the sub waves comprising wave 3 of the larger yellow wave count.
I'll update when necessary,
Cheers!
This idea is just that, MY IDEA, you should formulate your trading plan based on your own opinions and never follow someone else without doing your own research!
The chart shows my trading plan for $ICP in the near term. We've got a nice impulse going but this obviously will depend on BTC. I think we get an opportunity to refill our bags between $52 - $48 range, I plan on scaling in here with a stop loss below $47 (below $47 would invalidate that we're in an impulse). I think we could ride this sub wave 3 of the larger three wave to the 1.618 or 2.618 fib extension, $95 or $120 zones respectively (red boxes). I've drawn out the more conservative estimate ending at the 1.618 fib extension (TP1) ending the sub wave 3 but we could definitely see it extend up to the 2.618 (TP2). If sub wave 3 goes up to 2.618 fib extension, then I would need to update the chart because our ending wave 5 would be much higher. The yellow wave count looks to be our overall count while the light blue wave count is the sub waves comprising wave 3 of the larger yellow wave count.
I'll update when necessary,
Cheers!
This idea is just that, MY IDEA, you should formulate your trading plan based on your own opinions and never follow someone else without doing your own research!