Crypto Contest May 12: Ignis

Ignis (IGNISBTC) has broken out of the triangle pattern in the four-hour chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Ignis began a wave one advance on April 25. The wave one finished on May 1, and the wave two correction ended on May 11. If this wave count is correct, Ignis should be heading next towards the May 1 peak in the wave three.

(Chart courtesy of Tradingview.com (log scale))

Zooming out in the four-hour chart, I believe Ignis is currently in the red wave three (blue sub-wave iii). The red wave three began on April 25.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Ignis is the first child chain of Ardor. CoinKorea explained the recent rally and some fundamentals behind the token on May 1.

(Sources: Ignis and YouTube)

If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Ignis will takeout the May 1 peak".

If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Ignis will drop below the April 25 low".

If you think Ignis is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Ignis will stay in a trading range between the April 25 low and the May 1 peak until June 17".

You can upvote the comment until 3 PM EST May 15 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).

Bonus

I will be sending one Trophy Token (@trophy-token) to everyone who manages to get these crypto contests right seven times in a row. If/when you accomplish this, please contact me at Steemit Chat with your BitShares address.