Here's another way to view this setup by applying basic EWT & Fibs:
FET just completed an ABC correction, price corrected and bounced at the Golden Pocket Fib Retrace meant zone 40c - If you follow this account, you'll remember me saying that this was the "line in the sand" - If that level was lost, we would have entered a full-blown Bear market.
Now the ABC correction is complete, a 5 Wave impulse is loading, this is Wave 1, and the first target is the Golden Pocket based on the former ABC retracement, which is @ $1.5, which also happens to correspond with Monthly downtrend resistance.
Wave 1 will unlikely break through resistance @ 1.5, but let's see, crypto is momentum driven, liquidity has a way of following. But, imo Wave 3 will be the one that leads to the major breakout. This give's us the Inverted Head & Shoulder pattern.
Wave 5 will be the big one that brings a new ATH, and using the 1.618 Fib extension, I'll be eyeing $10-15.
Let's see how this ages 馃
