FTM FANTOM EW COUNT

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FTM had great run up off the lows but has been sluggish and weak since. Perhaps can be viewed as consolidating/accumulation

AM favoring 'the top' is close but also considering another leg higher might be in play after current pullback.
We will have to wait and see how the current pullback plays out and see how markets behave over next few days/weeks.
Opportunity to go long may be a favorable trade as I personally do favor another leg higher; a stop loss at previous low is ideal area to consider for managing risk.

Will update the wave counts as candles print. For now, nothing major.
Current sequence appears to be impulsive sequence of wave i-v to complete the corrective ABC as a wave ((4)).

We shall see how this plays out.
As always trade safe. If you would like to leave comments or share, please feel free.
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Happy Trading
Cheers
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ALTERNATIVE COUNT:
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TARGETS for current view if we remain above current low and continue higher
0.236 retracement of the move started is common area for wave 4 target, so taking profits at that area or just before is great target zone.

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FIB extension and retracement target zones
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its a GOOD thing we had questions as those questions are now being printed.
the BULLISH view (which i STRONGLY disagree with)
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I believe FTM has started its move down. The first leg in its move down. But I may be wrong, the above BULLISH view could turn out to be the correct count/view. Time will tell but for now, am favoring FTM count as shown below. Still got some consolidating to complete before we can start to favor solid counts
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FTM has been trading downwards since Feb.
Thats over 8 months now which tells me that a low is close to ending + a pump is extremely overdue.
Ive been reanalyzing FTM and have notices the smilarities in the tops and bottoms, cant pinpoint any exact count or patterns but can favor a few in terms of calculatons and similar wave strcutures.
ATM, I am going to favor the count like this, favoring anoter small drop before a great rally and then a sharp drop to complete proposed wave (5) of wave ((3)).
I would favor the downside as limited, but can be wrong too, although some heavy wicks can be good to fill up your buy orders.
Projection is a iii-iv-v-3-4-5 type of ending, a lot will depend on what happens in global/financial markets, your best bet is risk management, DCA, take profits and well defined stop losses so that you know exactly what you are doing, looking for and can adjust if/when things change.
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comparing the lows:
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THE FTM BULL CYCLE WE WISH WE COULD DO ALL OVER AGAIN.
AT LEAST, WE CAN LEARN FROM THE PAST TO APPLY AND USE.
JUST AN EXAMPLE OF A 1K INVESTMENT using EW projected calculations
Taking profits along the way is the BEST way to win.
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current POV
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IF your LONG here, good idea to put your stop loss near current low and then adjust if price starts moving up. Targets are highlighted in purple box.
If gets stopped out before hitting the targets, we'll look for another entry and re-assess the wave count. Should hold for now
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FTM bottom may be in
its either missing 1 last leg or its completed
we got a breakout pattern in play.
If youre trynna go long you'll have to put a tight stop n look for another entry if it comes back.
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manage your stop loss accordingly if your trading leverage/margins
Better a small loss than a bigger loss. Were not in the clear just yet. It may come back to retest the low and possibly put in another low to complete the sequence.
If FTM retraces past the 0.5 fib, then can favor sequence completed
We havent gotten clarity just yet, but we can favor the move up has started.
Just be aware, of above mentioned in case it does drop first.
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proposed wave (iv) target achieved, can adjust your stop loss
please read above posts in terms of wave count scenarios
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these are nice gains.
not as great as coins like sol avax or inj to name a few, but its good, better than $0
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FTM has exceeded the 0.5 FIB, favoring the 2022 low as wave 3 completed and current wave structure as a double corrective ABC to complete wave 4.
Wave 4 typically retraces 0.236 - 0.382 the move started and shall not exceed 0.5 fib
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The low held in place. wave iv was taken out favoring 5 waves complete.
Its possible a 3 wave pullback may present itself for buyers who will most likely support the low in place favoring further upside and target range between $0.68-$0.90.
We will update target more in detail as wave structure prints
Unlikely that FTM will drop below $0.20 at this point
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in CryptoHolix we trust:
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tell her to Squeeze deese Nutz
TP #1: ~92c
TP #2: $1.18
we like to take BEFORE them
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this could get very chopping & volatile, could take time or could simply fail. We take into account where BTC is trading and BTC.dom is still very strong.
Nonetheless, its what we favor but will adjust when more data prints
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I am choosing to label it as a corrective ABC wave 4 until we break past the 0.5 Fib, and still favor another leg lower against the current low to complete the full picture. WIll it happen? time will tell. Its just a projection, for now, we trade what the market gives us.
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Elliott WavefantomFTMFTMUSDT

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