IOTA 30Nov2017. - Let's Keep it simple, shall we?
Updated
Good luck with that.
--------------------------------------------------- SUMMARY -----------------------------------------------
Now let's not forget I'm make this stuff for me, and I refer back to my shit a lot and I don't like scrolling. So this is the long story short on this here horrible looking chart.
There are 3 identifiable reasonably likely options, and as we are looking at a correction.. none of them have to right.
1. (PINK) the correction is a simple zig-zag and probably has a wave left. It's rapid and very strong. Get the f on the bus. As it stands we need another wave before that final movement is motive.
2. (HORRIBLE GREEN) The correction is a complex zig-zag and probably done (or we'll get something less volatile that doesn't move beyond that last movement up or down, so it may as well be). Is that last wave a 3 or a 5? time will tell, keep watch, but don't expect it to come low.
3. (HORRIBLE CYAN) The correction is a combo with a complex zig-zag followed by what looks to be a 3-3-3-3 developing. 3-3-3-3's are generally quite common and often follow zig-zags. They are also really annoying. They are still 5's just kinda messed up to make 3's.
Good news? It likely come down.
Bad news? Do I still want in?
Finally, to summarise IOTA general feelings..
-------------------------------------- SUMMARY END ----------------------------------
So here is detail.
I missed the boat because I wasn't in the house and I didn't trust a trigger order with such a coin. And so I'm pretty pissed about the rise, but that is exactly when analysis of the situation should occur the most. Replace childish rants about "bloody well knew it" with logic and whatnot.
And logic tells me: This is far from simple. Why? Because it looks really simple, that's why:
Now crypto has been moving quicker recently as BTC stampedes towards fifty thousand dollars, so it would be no surprise if this correction was sharper than expected.
Since when was crypto this easy, that's why. Also:
sadly I needed to take a closer look at the correction.
I love corrections, here are the reasons why:
1. There is no way of telling when they are finished.
2. There is like 20 identifiable types and most are really hard to identify.
3. And they bestist bit... they can be combined together, in any order and for arbitrary quantity. There are some rules about the combinations, but I do not have my elliot wave bible handy, having lent it out some weeks ago to a friend, so I'm doing this on the fly. How could this end badly?
So all (ALL?!) I've done is switch to an hour chart, mark up the waves, and then put some patterns together and see what the possibilities are.
It's a good jobs I took snaps cos Alt-R is really goddam easy to just press by mistake and it wipes everything you've done. All them waves. Not only does it just wipe them, but it saves the newly restored "lost life" charts instantly on the cloud, to make sure you have no chance of recovering. Reset chart, Y U ON HOTKEY?
--------------------------------------------------- SUMMARY -----------------------------------------------
Now let's not forget I'm make this stuff for me, and I refer back to my shit a lot and I don't like scrolling. So this is the long story short on this here horrible looking chart.
There are 3 identifiable reasonably likely options, and as we are looking at a correction.. none of them have to right.
1. (PINK) the correction is a simple zig-zag and probably has a wave left. It's rapid and very strong. Get the f on the bus. As it stands we need another wave before that final movement is motive.
2. (HORRIBLE GREEN) The correction is a complex zig-zag and probably done (or we'll get something less volatile that doesn't move beyond that last movement up or down, so it may as well be). Is that last wave a 3 or a 5? time will tell, keep watch, but don't expect it to come low.
3. (HORRIBLE CYAN) The correction is a combo with a complex zig-zag followed by what looks to be a 3-3-3-3 developing. 3-3-3-3's are generally quite common and often follow zig-zags. They are also really annoying. They are still 5's just kinda messed up to make 3's.
Good news? It likely come down.
Bad news? Do I still want in?
Finally, to summarise IOTA general feelings..
- It doesn't look much like a floor
- Lots of hyping in chat. It seems like a lot of people got it in crowd, and are looking to offload.
- The final wave is a 3 not a 5, which indicates up is not the motive direction.
- Watch the next 12-48 hours, sleep is for humans.
-------------------------------------- SUMMARY END ----------------------------------
So here is detail.
I missed the boat because I wasn't in the house and I didn't trust a trigger order with such a coin. And so I'm pretty pissed about the rise, but that is exactly when analysis of the situation should occur the most. Replace childish rants about "bloody well knew it" with logic and whatnot.
And logic tells me: This is far from simple. Why? Because it looks really simple, that's why:
Now crypto has been moving quicker recently as BTC stampedes towards fifty thousand dollars, so it would be no surprise if this correction was sharper than expected.
- It's above what I wanted for B (complete bastard), but it's low enough, I'd say.
- The C (if it's finished) has landed right where I wanted it.
- IOTA has great potential and had an excellent crowdsale, if its No8. ranking on coinmarketcap is anything to go by, so why not?
Since when was crypto this easy, that's why. Also:
- The C is not big enough.
- It's too soon to be done, in my book.
sadly I needed to take a closer look at the correction.
I love corrections, here are the reasons why:
1. There is no way of telling when they are finished.
2. There is like 20 identifiable types and most are really hard to identify.
3. And they bestist bit... they can be combined together, in any order and for arbitrary quantity. There are some rules about the combinations, but I do not have my elliot wave bible handy, having lent it out some weeks ago to a friend, so I'm doing this on the fly. How could this end badly?
So all (ALL?!) I've done is switch to an hour chart, mark up the waves, and then put some patterns together and see what the possibilities are.
It's a good jobs I took snaps cos Alt-R is really goddam easy to just press by mistake and it wipes everything you've done. All them waves. Not only does it just wipe them, but it saves the newly restored "lost life" charts instantly on the cloud, to make sure you have no chance of recovering. Reset chart, Y U ON HOTKEY?
Note
that last pic is deliberately designed to show the shape, I've not even thought about levels for them points. That's like, effort that will prob be pointless.
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