IOTUSD | Long on 0.28 region to ride a possible wave 3
There is a strong chance that the price will bounce off the 0.28. Support region, 0.618 fib level and the ending of a C wave coming down, this wave 2 could be seen as expanded flat correction. I only enter a position based on price action when that level is reached, let's not forget where still in a bear market.
Comment:
One more wave down
Comment:
We got a bounce of the expected level. Now let's see if this a real reversal. We want to see higher high and a lower high. If this happens we enter the trade.
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Only taking a position on a retracement. Considering the lack of volume it could be a wave 4 retracement and a 5th has still to come down.
If we reach 0.32 with good strength the ill buy on a retracement reversal candle.
If we reach 0.32 with good strength the ill buy on a retracement reversal candle.
Comment:
Only entering a position if we get a reversal, if we break red line this count is invalid and switch to alternative count.
Note the trend line which makes lower highs which is not a good sign
Note the trend line which makes lower highs which is not a good sign
Comment:
Chart is confusing to me, we get mixed signals like higher lows and lower highs. It looks like a (descending ) triangle. Let's wait to see how this unfold.