SUMMARY
IOS Token (IOST) has not much price history but already, it's pattern can be discerned to likely trace out a bullish Cup & Handle pattern. Quite often, new tokens undergo this pattern as it allows the pump and dump to be cleansed out. Unfortunately, many bag holders are generated. These pump and dumps start the token genesis as a correction from the onset.
For most ICOs, it might be better for the pump and dump to complete and then buy at the lows. The blue lines outline a downward bullish symmetrical triangle which also become embedded into the Cup & Handle. The red ABC show that the correction was deep. However, when is the best time to buy? For me, it's always at the terminal end of an abc correction. We're pretty much there and ladder entry looks attractive.
The impulse waves are projected to follow the contour of the Cup's right side. As wave 5 completes, the handle formation would commence and in this case, it would likely coincide with wave 2 as abc. When the handle is wave 2; the retrace is often 50% to 61.8%; yet another good entry point; that being the terminal endpoinf of an abc correction at a lower degree of trend.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It shoud not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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