FTT has rallied then declined in a 5-3 Elliott wave pattern.
In Elliott wave terms, when you have a five-wave advance followed by a three-wave decline, most times, it is followed by another five-wave advance.
From June 2021 to the Sept 2021 high, prices rallied in a five-wave impulse pattern. Then from September 2021 to the December 2021 low, a three-wave corrective decline was displayed.
There is market harmony within the decline as it reached the 78.6% retracement level on a non-log scale (shown above) and has reached the 61.8% retracement level on a log scale (not shown). Additionally, the three-wave setback was in equal wave fashion which is common in Elliott wave zigzag patterns.
Bottom line,
FTT is ripe for a rally from current levels that carry up to $70 and possibly to a doubling of prices above $80.
Though not expected, if prices move below the December 2021 low, then we'll need to reassess the Elliott wave pattern at play.
In Elliott wave terms, when you have a five-wave advance followed by a three-wave decline, most times, it is followed by another five-wave advance.
From June 2021 to the Sept 2021 high, prices rallied in a five-wave impulse pattern. Then from September 2021 to the December 2021 low, a three-wave corrective decline was displayed.
There is market harmony within the decline as it reached the 78.6% retracement level on a non-log scale (shown above) and has reached the 61.8% retracement level on a log scale (not shown). Additionally, the three-wave setback was in equal wave fashion which is common in Elliott wave zigzag patterns.
Bottom line,
FTT is ripe for a rally from current levels that carry up to $70 and possibly to a doubling of prices above $80.Though not expected, if prices move below the December 2021 low, then we'll need to reassess the Elliott wave pattern at play.
Note
Here is the same chart but in log scale. A lot of market geometry and harmony at play during this recent price low. 
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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.
Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Related publications
Disclaimer
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.