AION: Price is Channeling

SUMMARY

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Like most ICOs, AION started its genesis as a correction in the form of an ABC (red). Now, there are several other ways to label this chart but given the prominence of the blue price channel, I've selected the ABC correction instead of a more complex or combination type. When price goes sideways, it's a consolidation phase and for Cryptos, a longer term consolidation because its designed to eat time and that's pretty much what AION is doing.

Labels show that the Z wave could be next in the sequence (white arrow). The key is to see if price can breakout of the upper blue trendline. And if it does, having it do so in an impulse of five waves would be most ideal. The MACD is also taveling within a more and more contracting pair of lines. If anything, the MACD breakout needs to support the price breakout.

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