IOTA Bullish idea

23 Mar 2019

Iota has been consolidating for two months in a sideways range. It recently saw HH for first time in 3 mo! Price just solidly tested new support zone, which had confluence with .618 retracement and .5 extension. believe this is w3 of 3 and will extend to 2.68, which has strong confluence with the recent top. Stoch is turning up, RSI is strong at 60 and turning up, MACD is flat on a dropping histogram. (All on H4)

Please let me know what you think!

Genuinely trying to study and learn Elliott Wave. :)

23 Mar 2019

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Exited this trade because: W3 of 3 started out strong and if my idea was correct, it would have picked up strength.

It reversed hard very early after modest gains, and failed to make a HH of W1. Stoch is crossed bearish, RSI turned down, and MACD turned down.

I felt best to cut this trade as it appears to be heading down and invalid. I did alternate wave count that looks more accurate after this price action. I will post a follow up chart with that count.