The price of USOIL may potentially decline further. short?-We may see a fall towards fibo 1 or even lower.
- More confirmation below the apex of triangle.
guidelines of flat.
Wave B usually retraces between 100 and 138 percent of wave A.
Wave C is usually between 100 and 165 percent as long as wave A.
Wave C usually ends beyond the end of wave A.
Elliottwaveimpulsewave
FTT looks clear for doubling in priceFTT 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.
BTCUSD 4 HFull count Elliott wave 1 W -12 H and 4 H time frame
1. 4 H - time frame - bear divergence for wave iv - yellow / next wave iv - yellow - drop price /
2. 4 H - time frame - bear divergence for wave 3 white and wave 5 white, for finish wave iii - yellow, wave v - blue and wave 5 white / next wave iv - yellow - drop price /
3. 4 H - time frame - wave 5 white - ending diagonal /3-3-3-3-3/ short term 5-15-30 m/