Following the speculative surge driven by Nvidia’s earnings, $FET has experienced an incredible 107% increase. The price action has now developed into a clear three-wave structure and is currently in the process of forming Wave 4 within the larger bullish framework.
Key Observations:
- Wave 4 Correction: As part of the bullish scenario, FET is now in Wave 4, which is a corrective phase following the impulsive Wave 3. The support zone for this wave has so far held strong, which is crucial for maintaining the overall bullish structure.
- Fibonacci Retracement Levels: The chart highlights the key Fibonacci levels that are essential for determining the depth of the current correction:
- 0.618 retracement at $1.168
- 0.5 retracement at $1.094
- 0.382 retracement at $1.021
- Positioning: Given the current setup, we’ve opened a small position in FET, banking on the support holding and the bullish scenario playing out. If the support continues to hold, this could pave the way for the completion of Wave 4 and the start of Wave 5, which is expected to push prices higher.
Conclusion:
FET has experienced a significant rally, followed by a typical corrective phase. The current Wave 4 correction is testing key Fibonacci support levels, which, if they hold, could lead to the continuation of the bullish trend into Wave 5. We’ve initiated a small position, anticipating that the support will hold and propel the price higher as the next wave unfolds.