Fantom Inverse head & shoulders to reclaim last six month lossesGood afternoon Lads,
The last six months have been very painful. I have been buying more and more crypto but my account goes lower and lower as things find their bottoms. But my total stack of crypto in terms of unit of account has gone up. There hasn't been much to post. But now I have a reversal structure in the shape of an inverted head and shoulders. So far this pattern has developed over around 70 days and its pretty close to the neckline.
This is basic charting and Elliot wave theory. Price had an initial uptrend. This creates an opportunity for profit taking and a pull back. We can see that in the ABC correction. We have completed a reversal pattern around what use to be previous resistance (the black triangle).
In short order we should see the price of fantom double. That is almost cute compared to what we are looking for in the long run.
Here is a Fibonacci extension our current impulse and correction. Hitting 1.618 and 2.618 targets is standard long term targeting. That is an 11x then a 90x if you have strong hands
Those targets become cute themselves when you look even further out.
In a year, when things seem to have gone absolutely crazy and crypto and the world has lost its mind I expect to see fantom up there over 700x. I expect massive and vicious pull backs on the way centered on the 0.618 and 0.786 levels. But that won't matter to me. I will have reached my financial goals way before then.
54 weeks are left in the cycle. The longer we go sideways after the halvening the better I see the upside being.
