FLM being prepared for next big move 🚀Hello traders .
let's start with the weekly chart :
in the weekly time frame . FLM created very big triangle or you can say this is a very obvious W pattern , however the important point is that the next big move is very imminent for FLM ; because if you draw FIB retracement you can see that price found support at 0.786 which is very alignment with the weekly structure and also the weekly trend line . but before going into the lower time frame let's talk about the long and mid term price targets :
1_ long term price targets :
the technical target of the triangle pattern , should calculate like above picture , but i like to use combination of the fibonacci tools and basic technical analysis , to find out PRZ area ; so as you can see in the picture above the technical target of the triangle is in alignment by the 1.0 fibonacci projection level , but be carful about another important fibonacci levels , such as 0.618 and , 0.786 .
2_ mid term price targets :
here we have very interesting convergent of the important levels , if you want to calculate minor W pattern in the weekly chart you can use fibonacci levels and also you can measure the price target like above picture , but important thing is that these convergent of the fibonacci levels
,you can see the technical target of the W pattern is about 1.2$ and this area we have 0.786 and 1,618 fib level , and also this level is previous ATH so this price level is very strong resistance area .
let's look at the daily time frame to find out more tradable patterns and more details :
in the daily time frame we have falling wedge pattern inside of the weekly triangle , you can also see FLM created minor W pattern above the weekly trend line ( red line ) and this is very bullish sign , because after breaking the falling wedge pattern , price start to create W pattern above the weekly trend line , but how we can trade based on this facts ?
we can open long position after breaking the daily resistance structure ( blue box ) but wait for daily closure above this level , as you know the technical target of the falling wedge is the top of the wedge , and this case top of the wedge is the neck line of the weekly W pattern .
I hope you enjoyed this analysis.
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