$FTM FTM ABC WXY double correction Cycle I completed
Updated
Double correction taking place (like most cryptos). Failed to make HH against proppsed wave 5 favoring wave 5 completed cycle withan ABC correction already completed favoring yet another ABC correction in a double correction (WXY) to correct cycle I started March 2020.
Technical targets for FTM are ~ blue fib extension lines as shown 1-1.236 however the current wave count 1-5 minor (red) is still in play. Once wave 3 & 4 are completed, we will get target for wave 5 to end wave C of Y and complete cycle II before staring cycle III up (provided BTC will resume bull trend once completed its double correction to end cycle II). Wave 3 will be equal leg of wave 1, wave 4 will be equal leg of wave 2, u can meausure the move using fib extension tool or simply use the trendline to get approximate targets via measured move.
*Personally, I beleive FTM should find great support at the lower extremes and can see it extending down to the $0.26-$0.36 area where it found great support in wave (4).
** Keep in mind, we've ended an entire cycle of 5 wave so we can anticipate a larger retracement than a typical correction, esp once BTC makes its final major moves downtown.
TAKE ADVANTAGE of this next dump and start to reaccumulate with your profits to hold for cycle III. Always keep some buy orders at the lower extremes in case u get lucky with some liquidation wicks, alts tend to falls hard when BTC dumps, luckily they tend to bounce back real fast.
NFA, practice risk management, never over-invest, if trading with margin/leverage, practice 1-3% rule and use safe stop loss then simply manage the trade into risk free position.
Just sharing ideas. Feel free to leave comments, hit like to show support and if you manage to hit targets from these ideas, please let us know.
Tips are always welcomed :)
Thank you for viewing, sharing and safe trading to you all!
Technical targets for FTM are ~ blue fib extension lines as shown 1-1.236 however the current wave count 1-5 minor (red) is still in play. Once wave 3 & 4 are completed, we will get target for wave 5 to end wave C of Y and complete cycle II before staring cycle III up (provided BTC will resume bull trend once completed its double correction to end cycle II). Wave 3 will be equal leg of wave 1, wave 4 will be equal leg of wave 2, u can meausure the move using fib extension tool or simply use the trendline to get approximate targets via measured move.
*Personally, I beleive FTM should find great support at the lower extremes and can see it extending down to the $0.26-$0.36 area where it found great support in wave (4).
** Keep in mind, we've ended an entire cycle of 5 wave so we can anticipate a larger retracement than a typical correction, esp once BTC makes its final major moves downtown.
TAKE ADVANTAGE of this next dump and start to reaccumulate with your profits to hold for cycle III. Always keep some buy orders at the lower extremes in case u get lucky with some liquidation wicks, alts tend to falls hard when BTC dumps, luckily they tend to bounce back real fast.
NFA, practice risk management, never over-invest, if trading with margin/leverage, practice 1-3% rule and use safe stop loss then simply manage the trade into risk free position.
Just sharing ideas. Feel free to leave comments, hit like to show support and if you manage to hit targets from these ideas, please let us know.
Tips are always welcomed :)
Thank you for viewing, sharing and safe trading to you all!
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looks like my projection is following the idea of LHs & LLs as projected. Not perfectly but generally. far from over imo. AC retirement making deeep impact on FTM. Update to wave count as adjustments are always needed. *if* trading, stick to the trend lines
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awaiting for retest of the low. favoring wave 3 incomplet. Downside should be limited. might not get a lower low, might get higher low against the low, push up to complete 4 in red and then drop lower to complete 5 of (3). tricky, wont know till its too late. we play the favors, downside is limited in near term. massive drop leads to nice rally, potential 2x off the lows. dont be too greedy or aggressive here but build a position and keep your stop loss in case BTC decides to drop lower.
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