IOTUSD Possible Continuation Pennant
Updated
Currently compressed against support (with a possible bearflag in play) Remaining neutral for now until these bear indications are resolved.
For the risk-takers: There's a potential entry here (with the offset that you could have very good Risk/Reward with a tight stop)
For the cowardly lions: Wait for a break of the pennant upwards with strong volume and a test of support.
If this does break up, the fib extension would give a target of roughly $1.6 and my estimation of target for the pennant pattern (indicated with red horizontal) would be around $1.8.
By my count, this would be the final wave of the bull cycle, meaning a correction should follow (I'm an elliott noob, so correct me if this is wrong).
For the risk-takers: There's a potential entry here (with the offset that you could have very good Risk/Reward with a tight stop)
For the cowardly lions: Wait for a break of the pennant upwards with strong volume and a test of support.
If this does break up, the fib extension would give a target of roughly $1.6 and my estimation of target for the pennant pattern (indicated with red horizontal) would be around $1.8.
By my count, this would be the final wave of the bull cycle, meaning a correction should follow (I'm an elliott noob, so correct me if this is wrong).
Note
pennant has broken down, but may just be a fakeout
Note
IOT attempting a break out to the upside
Note
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