In order to understand this analysis I must explain The green ABC inside of the circle, the yellow 5 up below the A wave inside the circle. Also The red ABC down and the green B inside the circle. Also the Blue line & the triangle.
1st my HTF analysis is that FTM is inside of a bearish ABC up on the monthly TF. A zig zag on weekly TF will create the waves on the monthly TF . 5 up for wave A inside of the green circle ended in 2021 & started in 2020 closing that TF off and making the highs above $3 last year. Wave A
2nd green B wave inside the circle (currently finishing in 2022) the red ABC down will make the B wave on the monthly TF , 618% green fib level or more likely 786% is a perfect area to find support for a B wave on any TF. Wave B
3rd blue line from bottom of the triangle points directly at the 786% and is measured from height of top TL down to bottom TL of the massive triangle correction. This shows that a big move down is likely.
After we confirm the B wave on HTF monthly chart between .07 to.01c we can plot wave C on the HTF which is not visible in my chart. But if I had to project or forecast this future PA I would say C wave can easily do a 1 to 1 fib extension from the top of the green A wave on the HTF , down to green B wave HTF & we get a target around $30-$34 into 2024.
Also this chart is Log scale as per my preference with EW..
1st my HTF analysis is that FTM is inside of a bearish ABC up on the monthly TF. A zig zag on weekly TF will create the waves on the monthly TF . 5 up for wave A inside of the green circle ended in 2021 & started in 2020 closing that TF off and making the highs above $3 last year. Wave A
2nd green B wave inside the circle (currently finishing in 2022) the red ABC down will make the B wave on the monthly TF , 618% green fib level or more likely 786% is a perfect area to find support for a B wave on any TF. Wave B
3rd blue line from bottom of the triangle points directly at the 786% and is measured from height of top TL down to bottom TL of the massive triangle correction. This shows that a big move down is likely.
After we confirm the B wave on HTF monthly chart between .07 to.01c we can plot wave C on the HTF which is not visible in my chart. But if I had to project or forecast this future PA I would say C wave can easily do a 1 to 1 fib extension from the top of the green A wave on the HTF , down to green B wave HTF & we get a target around $30-$34 into 2024.
Also this chart is Log scale as per my preference with EW..