Look at this big sexy bull flag forming on the IOTA/USD chart!
The green dotted line represents what was one possible formation of the bull flag , but we broke through it, so the green solid lines represent the next formation. ABCDE represents the elliot triangle waves, 12345 for the elliot impulse waves (who was this elliot guy?!), aligned with fibonacci extensions to give us our target of about $8. As usual, extensions are possible. The first would be $13.
I could see this break out to the upside a lot sooner than I charted, but it looks nicer this way.
If you want to buy at the bottom of the flag, you’ll want to place a stop loss a little below the flag in case it fails. At least keep an eye on it. Otherwise, you can wait for it to break out and then buy it when it comes back to bounce off the top of the flag.
I’m a novice chartist, so I may not be doing this exactly right (let me know guys!), but it would be very cool for me if this plays out.
Note on IOTA fundamentals:
Recently there was a lot of talk about how IOTA partnered with Microsoft -0.27% and a bunch of other companies. They’re not actually partnered.Microsoft -0.27% IS, however, working with/testing with IOTA. This shows that these guys are getting sh*t done. I’m also a big believer in the power of attractive logos and websites, and they have both.
paul_delucia on tradingview.com
*This is solely for educational purposes, this is not advice*