Hello traders,
Yesterday we talked about the possibility that
FETUSDT
could retrace after it soared 20%. We forecasted a classic A-B-C zigzag pattern that usually halts around the 61.8% Fibonacci level but we retraced slightly different this time!
FET retraced in a horizontal triangle that consists of five sub-waves that form a 3-3-3-3-3 structure labeled as A-B-C-D-E. Unlike the motive wave, which also has five waves, this pattern reflects a balance of forces and travels in a sideways pattern. The sub-waves are corrective and form patterns of threes.
We can count five sub-waves on a smaller timeframe so we think that this could be a buy opportunity for a short term trade with a nice upside potential. But first we need some confirmation by breaking through that upper trendline!
Stop: 0.3551
Target: 0.41-0.42
Goodluck!
Yesterday we talked about the possibility that
FETUSDT
could retrace after it soared 20%. We forecasted a classic A-B-C zigzag pattern that usually halts around the 61.8% Fibonacci level but we retraced slightly different this time! FET retraced in a horizontal triangle that consists of five sub-waves that form a 3-3-3-3-3 structure labeled as A-B-C-D-E. Unlike the motive wave, which also has five waves, this pattern reflects a balance of forces and travels in a sideways pattern. The sub-waves are corrective and form patterns of threes.
We can count five sub-waves on a smaller timeframe so we think that this could be a buy opportunity for a short term trade with a nice upside potential. But first we need some confirmation by breaking through that upper trendline!
Stop: 0.3551
Target: 0.41-0.42
Goodluck!
Comment:
We moved our stop towards 0.3800
Trade closed: target reached:
Target reached! Hooray