Right now FET is retesting the bottom side of the range. If FET manages to get a daily close above the range (0.244) with volume, that would be good and might lead to continuation to around 0.288 before expecting a rejection.
If we expect a rejection from the middle side of the range and we keep the bottom side of the range as support (very important) we might see a move to the topside of the range. This would also form an ascending triangle wich has targets to the top side of the range between 0.331 - 0.343
This also line up with the 0.618 fib
I've also drawn in a possible harmonic that could play out. This is NOT confirmed yet.
There are multiple harmonics that could be drawn in here and it might lead to more downside at around 0.1787
But if this harmonic would play out there would be a target at around 0.373. This is outside of the range and not confitmed yet so not something I put alot of weight on.
This is just a possible situation plotted out
If we expect a rejection from the middle side of the range and we keep the bottom side of the range as support (very important) we might see a move to the topside of the range. This would also form an ascending triangle wich has targets to the top side of the range between 0.331 - 0.343
This also line up with the 0.618 fib
I've also drawn in a possible harmonic that could play out. This is NOT confirmed yet.
There are multiple harmonics that could be drawn in here and it might lead to more downside at around 0.1787
But if this harmonic would play out there would be a target at around 0.373. This is outside of the range and not confitmed yet so not something I put alot of weight on.
This is just a possible situation plotted out
Comment:
We simply didn't close inside the range so thats it for now. Always a win when you're preventing yourself taking a bad trade
Comment:
And there it is, we reclaimed the zone with volume and got rejected perfectly at my target. Expecting a test of 0.244 and will be very telling for the range.
Comment:
Target reached, the full target would be at 0.378 but thats looks more risky