Today we will talk about ICON (ICXUSD), its price action from technical point of view and wave structure from Elliott Wave perspective.
Well, ICX is in a clear impulsive uptrend within a five-wave cycle from March 2020 lows and seems like the final (5) can be now in play after we noticed nice a complex W-X-Y corrective movement in wave (4) with perfect support at the former wave 4 and 1.7 level.
Anyway, as you can see, ICX bounced sharply and impulsively with five waves on the intraday basis, which suggest more upside as part of a new five-wave cycle within wave (5) that can push the price even up to 4.0 area, especially if we see broken channel resistance line.
Be humble and trade smart! If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.