FTT looks clear for doubling in price
Updated
FTT has rallied then declined in a 5-3 Elliott wave pattern.
In Elliott wave terms, when you have a five-wave advance followed by a three-wave decline, most times, it is followed by another five-wave advance.
From June 2021 to the Sept 2021 high, prices rallied in a five-wave impulse pattern. Then from September 2021 to the December 2021 low, a three-wave corrective decline was displayed.
There is market harmony within the decline as it reached the 78.6% retracement level on a non-log scale (shown above) and has reached the 61.8% retracement level on a log scale (not shown). Additionally, the three-wave setback was in equal wave fashion which is common in Elliott wave zigzag patterns.
Bottom line,
FTT is ripe for a rally from current levels that carry up to $70 and possibly to a doubling of prices above $80.
Though not expected, if prices move below the December 2021 low, then we'll need to reassess the Elliott wave pattern at play.
In Elliott wave terms, when you have a five-wave advance followed by a three-wave decline, most times, it is followed by another five-wave advance.
From June 2021 to the Sept 2021 high, prices rallied in a five-wave impulse pattern. Then from September 2021 to the December 2021 low, a three-wave corrective decline was displayed.
There is market harmony within the decline as it reached the 78.6% retracement level on a non-log scale (shown above) and has reached the 61.8% retracement level on a log scale (not shown). Additionally, the three-wave setback was in equal wave fashion which is common in Elliott wave zigzag patterns.
Bottom line,
FTT is ripe for a rally from current levels that carry up to $70 and possibly to a doubling of prices above $80.Though not expected, if prices move below the December 2021 low, then we'll need to reassess the Elliott wave pattern at play.
Note
Here is the same chart but in log scale. A lot of market geometry and harmony at play during this recent price low. 
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