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!
Note
We moved our stop towards 0.3800Trade closed: target reached
Target reached! Hooray
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.