No real bottom yet and people yet shill AI coins to da moon? That screams for an incoming hammer, doesnt it?
Lets take a look at the price action here
2020-2020 what do we got? overlapping (!) impulse on log and base10 (!)? or corrective ABC pattern up?
1) It was impulse up: FET is expected to retrace at a minimum to 0.618. Came close but given the negative market conditions still not there. It came down in 5 waves (white) with w3 = 2.618 => w5 = 4.236 - check! So if it came down in 5 waves, it needs a corrective pattern next (yellow abc) and another 5 waves down. Using the first leg as indicator we see it would precisely hit 0.886 - perfect target for a retrace before a strong impulse
2) It was corrective up: Expecting at least a double bottom for a flat ABC but rather really a new low before going, ideally to 1.272 with 5 waves (orange), we got requirement hit with w3 = 4.236 => w5 = 8.236 @ $0.0096
Either way you look at it, as long as the downtrend is not flipped with confirmation, trend remains down, HARD DOWN.
Looks pretty doomy, but unless trend has not flipped, gotta stick with more favorable outcomes
Hold my beer pls
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No financial advice, do your own research, don't be stupid
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.