FANTOM Elliot Wave Analysis

There is reason for a Wave Cycle to have been completed in FTM; thereby meaning it will correct for some time towards lower prices. It is likely that it makes its way back to strong levels with the $1 level standing out as a strong long term level that price will be attracted to over the next year. From ATH we corrected down in a complex WXY zig zag which is counted as the first degree of a larger WXY, there is reason for an X wave to be put in at strong resistance at the $3.10 area placing us in a current Y wave towards lower prices. Indicators and sentiment suggests FTM is overbought and losing momentum which gives reason for a long term correction to occur given such massive gains over the Cycle.

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