Fantom Elliot Wave Theory
Updated
Fantom looking bullish on the weekly chart price retraced back to the 32.8% fibonachi retracement. I believe we are at the finishing of wave 4 out of the 5 wave Elliot wave theory.
Looking back in August 2020 we top out and retrace exactly at the 38.2% fibonachi retracement, if history repeat we are likely bottom. After all we are still in a daily uptrend. We would like to see the weekly candle ending 25/7/2021
at around currently price which will print a dragonfly doji candle (bullish candle). RSI on the weekly seem to coincide with the bottom of August 2020. Also it looks like we touch the bottom of the keltner channel as support on the weekly also which also coincide with the August 2020 lows.
Happy Trading.
Looking back in August 2020 we top out and retrace exactly at the 38.2% fibonachi retracement, if history repeat we are likely bottom. After all we are still in a daily uptrend. We would like to see the weekly candle ending 25/7/2021
at around currently price which will print a dragonfly doji candle (bullish candle). RSI on the weekly seem to coincide with the bottom of August 2020. Also it looks like we touch the bottom of the keltner channel as support on the weekly also which also coincide with the August 2020 lows.
Happy Trading.
Trade closed manually
Sorry for the Late reply. Wave 5 has been completed and profits has been taken @ $3.
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