IOTA chart TA fifth december

This IOTA chart drives me crazy, I don´t know why, but I can only focus my attention on IOTA, maybe its because of the immense profitt that can be made.

Lets start, so IOTA first peaked my interest this summer when it went from .20 to over 1$. At the time I was on holiday in Croatia so I didnt have the time to do my TA and fundamental research. When I got home I noticed IOTA started a bullish descending triangel (triangel marked in red) So I bought IOTA at .52 and later doubled my position at .33 right before it broke out. In the last 30 days its seen more then 900% growth, so yes I am quite happy. I later managed to count an almost perfect elliot wave, and following my fibonacci retracement tool I sold half at 1.90 and had buy orders at 1.71 & 1.70 that got executed with scary accuracy while I was out with my friends yesterday (IOTA dropped to 1.69$).

So lets talk about how the chart is looking now and my thoughts about it. First off all I can start by telling that i have been in this market for quite some time now and I have seen what is happening to IOTA several times. The same is true for NEO. Neo price spiked from 7$ all the way up to 50-something. And all the while this was happening I patiently watched it, I would not buy into the hype, rather I would wait and buy when everyone is selling. Then, as predicted, it dropped and everybody started selling partially because of the China banning ICO´s news. And it dropped all the way down to 13$, when I started seeing the RSI turn I bought at 17.60. Later I also managed to sell NEO at 45$ and buy back at 35% thanks to my TA (its all in my twitter if you don´t belive me, full transparency.) I could go for hours with other examples like WTC, OMG and so forth.

And I belive the same is happening with IOTA now! IOTA is a fundamental strong coin with very good news backing it, and its had a massive bull, up 850% since i bought it at the lows of .33. If we look at the 1D candle stick and zoom out, we will se that the RSI just passed all time highs, guess what happened last time it went so high? It dropped 70%. There is also a huge MACD candle just waiting to turn to the bearish side. Not trying to spread FUD or anything, but the price can´t go up and up forever, belive me I know. I love the project tho, after all its partly Norwegian like myself.

Now if we follow my Elliot wave which I have finally managed to draw correctly after several attempts, we will see that this bull run is the third Elliot out of five. (use the pictures if you don´t understand) In other words: A big but sharp correction is coming in the end of wave three. The bear market is coming at the end of wave 5. Wave three will most likely end somewhere between 3.78-3.90. Following our guidelines for elliot we also know that since wave 2 was a very flat correction we know wave 4 is going to be very sharp. So make sure you got your finger on the trigger and ready to buy. My prediction for a correction from 3.78-3.90 to 2.40-1.98 is all confirmed buy fibonacci retracement, and also because of the overextended RSI/MACD. In other words the buy zone is 2.40-1.98, make sure you buy as crazy because there is still a massiv fifth wave left.

In the picture below we are seing the whole chart since inception. I have lined up my elliot waves, but the prices are not right. The fifth and final elliot will hit somewhere in 4.60 range. After that we will see the bear market (abc) return, this is where the RSI and MACD will turn to normal, this bear market will set the standard for the next bull run, or wave three out of five in the bigger picture.

Here you have a close up of where we are in the third wave and where we are going to. I will still daytrade IOTA, but what I am doing in the grand scheme is going to sell iota at the end of third wave, and buy like CRAAAZY at the the end of wave four. I will also short IOTA going into the end of wave 5, but there will be a more detailed explanation of this when the time comes.