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ICON (ICX) breakout descending trendline potential buy
1. strong support multiple rejection
2. breakout descending trendline
3. long wick candle
ICXUSD, ICON/ Dollar: Up channel on H4.
A possible wave count for ICX SUDT, just a theory, I will be watching to see how this plays out. We are already very oversold so a short squeeze, if one were to happen, may invalidate this count due to external factors.
Possible buyback level for ICX
Potential bounce form this level due to reasons noted on chart, long term i still expect price to break down from here. bars on fib leves mark exit levels.
As A trader we have to be open to both Bull And Bear Scenarios. Based on New data that has come in I have changed my View On ICX, We see an Ascending wedge forming, which is a bearish pattern.I expect this to break to the downside where one of the 3 fib levels I have highlighted In green will be tested These FIb levels are also confluent with support and ...
I see this move from $2.10 to $2.70 as an impulsive wave 1. The red bars mark areas where wave 3 could end and begin a corrective wave 4, before finally having a final rally in wave 5, which I do not believe will be any higher than about $5.40.Let's ee how this plays out.
Just following up my last post that showed the end of the ABC . We broke out a short term descending wedge then came back on top of it to re-test as support. Potentially a deep subwave 1 or 'double bottom' type of structure to set up a subwave 3 with the momentum to break us past the last high. A re-test of that next high could be possible too.
I believe this to be a new sub wave 1 of the next wave up. Looks promising!
Here I am projecting the possible medium/long term outlook for ICX. This projection takes into account the possibility that wave 1 is now over. Below I have added some additional sub wave counts for wave 1 - just to play Devil's Advocate!
I believe the Dec/Jan move was a 'macro' wave 1. Wave 2 was a WXYXZ correction - the last wave was a B wave that ended in a truncated C, this is not wave 1! Waves 3,4,5 will be included in the next move. Wave 2 was long and drawn out so wave 4 will be fast and sharp.