FETCH.AI FET Price News Today - Technical Analysis and Elliott Wave Analysis and Price Prediction!
TLDRIn this update, the speaker discusses the recent market movements, suggesting that the current structure is not yet clear enough to define the exact nature of the market's phases. They assume that the market is still within the second wave of a larger correction, with the possibility of a third wave emerging. The speaker emphasizes that the recent pullback was shallow and that the rally might be part of a b-wave before a potential c-wave decline. They highlight the importance of the 61-cent level as a key indicator for the market's direction, suggesting that a break below this level would change their outlook. The speaker invites viewers to engage with the content and follow their channels for more updates.
Takeaways
- 📉 Fe Fe's value has decreased significantly since the last update but has slightly recovered.
- 🌪️ The speaker is uncertain about the exact structure and unfolding of market subdivisions, assuming they are still in Wave 2 of a correction.
- 📈 Wave 1 is assumed to have topped, and B waves can overshoot, indicating the start of the B wave.
- 🌊 The channel's assumption is that a third wave might have topped on February 20th, followed by a fourth wave pullback and a fifth wave to the upside.
- 📊 The speaker is looking for another wave setup within a larger third wave, with a smaller degree wave two bottoming in February.
- 🔄 The speaker is considering the possibility of a five-wave pattern before a correction, which would change the analysis.
- 🚫 The speaker advises to disregard targets as they are only placeholders and emphasizes the importance of taking things level by level.
- 🔔 The yellow support zone is crucial for trend continuation, with micro support levels at 87.8 cents, 79 cents, 71 cents, and 61 cents.
- 📉 A break below 61 cents would change the speaker's opinion on the chart, indicating a more bearish outlook.
- 🔄 The speaker is monitoring the short-term wave two support area to see if it holds, which would suggest that the current rally is a B wave before a C wave decline.
Q & A
What is the current status of Fe Fe according to the update?
-Fe Fe has come down quite a bit since the last update and has now recovered a little bit.
What does the speaker assume about the current wave?
-The speaker assumes that they are still in the wave of Wave 2 correction and that B waves can overshoot.
What was the significance of the 20th of February?
-The speaker believes that the fourth wave pullback and the potential top of Wave 1 occurred on the 20th of February.
What is the speaker's view on the larger third wave?
-The speaker interprets that they are in a larger degree third wave, with another wave 1 and wave 2 within it.
What is the importance of the 5th of February?
-The speaker mentions that the smaller degree wave two bottomed on the 5th of February.
What is the speaker's opinion on the recent pullbacks?
-The speaker notes that recent pullbacks have been extremely shallow, which is a point of consideration in their analysis.
What is the significance of the 61 cent level?
-A break below 61 cents would change the speaker's opinion about the chart, indicating a more bearish outlook.
What is the speaker's assumption about the rally seen in the video?
-The speaker assumes that the rally is part of the b-wave before a c-wave decline occurs.
What would change the speaker's assumption about the wave pattern?
-The speaker would change their assumption if the price breaks below 61 cents, suggesting a five-wave pattern to the upside.
What should be observed for trend continuation?
-The speaker suggests observing if the yellow support zone holds, as it is relevant for trend continuation.
What are the micro support levels mentioned by the speaker?
-The micro support levels mentioned are 87.8 cents, 79 cents, 71 cents, and 61 cents.
Outlines
📉 Market Update on Fe Fe and Wave Analysis
The video begins with an update on the Fe Fe market, noting a recent decline followed by a slight recovery. The speaker discusses the lack of a clear structure to define the current market phase, suggesting that they are still within the Wave 2 correction. They mention the possibility of a B wave overshooting and clarify that the assumption is based on the Wave 1 topping out, with the b-wave potentially starting. The speaker explains the channel's assumption of a one-two setup leading to a third wave, with a detailed breakdown of the waves and their potential implications for the market. They also mention the importance of the 61-cent support level and the potential for a pullback into the support zone if the current rally is indeed a b-wave before a c-wave decline.
🔄 Short-term Wave Analysis and Support Zones
The speaker continues with a short-term wave analysis, focusing on the support area for the current rally. They suggest that the rally might be a b-wave within a five-wave pattern, and if it is, the speaker would expect a c-wave decline to follow. The speaker emphasizes the need to monitor the 87.8, 79, 71, and 61-cent support levels, with a break below 61 cents indicating a more bearish outlook. They also mention the possibility of a shallow pullback, as seen in February, and the importance of observing the market's behavior in relation to these support levels.
Mindmap
Keywords
💡Wave 2 correction
💡B waves
💡Wave 1 top
💡Wave 5
💡Support zone
💡Trend continuation
💡FIB retracements
💡Chart analysis
💡Market structure
💡Asset
💡Rally
Highlights
Fe Fe's value has decreased significantly since the last update but has now recovered a little.
There is not enough structure to define the current market situation or subdivisions.
The assumption is that we are still in the Wave 2 correction of the market cycle.
B waves can overshoot, indicating that the current wave may exceed previous highs.
The channel's assumption is that a third wave might have topped on February 20th.
The fourth wave pullback and the fifth wave to the upside have been choppy.
The Wave 2 bottomed on February 5th, completing Wave 1 of a larger third wave.
There is a comment on a previous video suggesting that other analysts believe we are already in the third wave.
The speaker also sees evidence of a third wave, with a low formed in August 2023.
The speaker is looking for another wave setup within the larger degree third wave.
The yellow support zone is crucial for trend continuation, with micro support levels at 87.8, 79, 71, and 61 cents.
A break below 61 cents would change the speaker's opinion on the chart, indicating a more bearish outlook.
The speaker is considering the possibility of a shallow pullback into the support zone.
The recent pullbacks on the F chart have been extremely shallow.
The speaker is unsure about the assessment of the chart, considering the possibility of a different wave pattern.
The speaker will only change the assumption if there is a break below 61 cents.
The current rally is assumed to be the b-wave before a c-wave decline occurs.
The speaker advises to disregard targets as they are only placeholders for altcoins.
The speaker encourages viewers to like, comment, subscribe, and follow on Instagram and Twitter for additional content.