Short tf (4hr) analysis of IOTA! Possible bull move

The 3wave move in IOTA from a price high of $5.80 made on Dec. 19, 2017 to a price low of $1.20 (Feb. 6 2018) can be described as a WXY Elliott wave structure. IOTA will possibly move back up as a 3w move or an impulse move. Either scenario calls for a bull move in IOTA. I have indicated on the chart my price target area which is $1.85.

POI = Point at which this trade scenario is no longer valid = $1.20

The minimum target area for IOTA is between $4.02 and $4.23

Assuming the scenario above is IDEAL and prices deep quickly to the $1.85 area,
Risk on the trade = $1.85 - $1.20 = $0.65 cents
Potential Profit = $4.02 - $1.85 = $2.17
Risk/reward ratio = ~3.4
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