Fetch.AI (FET)

According to our analysis, Fetch.AI (FET) remains in Wave 2 of an overarching corrective Wave C. This suggests that the recent upward movement was actually Wave B of Wave 2, implying that the primary trend is still corrective, and further downside is expected before a significant bullish reversal.

Wave C Target

• Expected Target: The completion of Wave C is projected around the $1.00 level. This level aligns with key Fibonacci retracement levels and previous support zones, making it a likely area for a potential reversal.

Current Wave Structure of Wave C

• Current Position: We believe that FET is currently in Wave 2 of Wave C. This indicates that, in the short term, there may be a brief upside move as Wave 2 completes.
• Anticipated Movement: After this short-term upward movement, FET is expected to resume its decline in Wave 3 of Wave C, targeting the $1.00 level. This will likely result in a stronger downward push as Wave C unfolds fully.

Trading Implications

1. Short-Term Opportunity: Traders may see a short-lived upward retracement in the current Wave 2 of Wave C. However, caution is advised, as this upward movement is part of a larger corrective wave and is not indicative of a sustained bullish trend.
2. Medium-Term Downside: The primary expectation remains a decline toward the $1.00 level as Wave C completes. This downside target represents a key level for potential entry for long-term positions if reversal signals are confirmed.

In summary, while there is potential for a brief upward move in the near term, the dominant trend suggests further downside in the coming days or weeks as Wave C progresses. Traders are advised to approach with caution, particularly with leverage, due to the corrective nature of the current structure.