FTT looks clear for doubling in price

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.

Comment:

Here is the same chart but in log scale. A lot of market geometry and harmony at play during this recent price low.