Icon - ICX (25%-50% potential) Cup & Handle Formation
We are seeing a cup and handle formation here on
ICXBTC
, though it's very choppy until we hit the hourly chart. It's still enticing, and it has held up since I first noticed it forming. The resistance at 4710 is a very good decision point. If we can reach that resistance, a test will give us the answer, if we can expect more than a 25%+ gain, or if we should take a 10% profit and exit.
Once we reach that resistance level, I'll enter a stop loss about 1-2 percent below it at 4600 to exit with profits if we're rejected. An extended fifth wave (on the sub wave) would blow through that stop and open us up to 5000 or 5500 in relatively short order. This would play out over 48-72 hours, so we should have time to watch it closely and adjust as needed.
With the macro view and the primary Elliot Wave scenario, we would see wave 3 test the resistance, and if it can successfully break through, lead to substantial profits. 5200 and 5600 would be our wave 3 target in that scenario.
After we break the resistance, we will correct with wave 4 retracing to the resistance, now a support. A re-entry at this point could be profitable with a continuation of the strong impulsive action on wave 5.
ICXBTC
, though it's very choppy until we hit the hourly chart. It's still enticing, and it has held up since I first noticed it forming. The resistance at 4710 is a very good decision point. If we can reach that resistance, a test will give us the answer, if we can expect more than a 25%+ gain, or if we should take a 10% profit and exit. Once we reach that resistance level, I'll enter a stop loss about 1-2 percent below it at 4600 to exit with profits if we're rejected. An extended fifth wave (on the sub wave) would blow through that stop and open us up to 5000 or 5500 in relatively short order. This would play out over 48-72 hours, so we should have time to watch it closely and adjust as needed.
With the macro view and the primary Elliot Wave scenario, we would see wave 3 test the resistance, and if it can successfully break through, lead to substantial profits. 5200 and 5600 would be our wave 3 target in that scenario.
After we break the resistance, we will correct with wave 4 retracing to the resistance, now a support. A re-entry at this point could be profitable with a continuation of the strong impulsive action on wave 5.