Here’s our follow up update on our FASTLY Elliott Wave Analysis.
Currently, our overall view is that FASTLY is about to complete the larger Wave ((II)) in orange.
And may likely be on its way up.
MARKET STRCUTURE PERSPECTIVE
From a market structure perspective, we observed that the long awaited lower degree ABC Flat Correction in White seems to be more or less complete.
The initial drop for the first A-Leg in White was fast and furious.
An obvious candidate for a impulsive 5 wave move fueled by a massive “Gap-Down” situation.
While the motive B-Leg in White started off at the Fibonacci Golden Ratio with all the characteristics of a “Leading Diagonal” for the start of a seemingly new up trend.
But it was eventually a “Bull Trap” in disguise.
Unfortunately, only visible on hindsight.
As for the current C-Leg in White, it has completed a seemingly clear 5 wave sequence dropping into the $60 zone.
From a Fibonacci perspective, there are 2 confluence zones at around this price level.
Basing on Fibonacci Retracement of the entire Wave ((I)) in Orange, we observed that FASTLY share has revisited the Golden Ratio of 61.8% not once but twice.
And if you remember, the first was a “False Start” on hindsight as mentioned earlier.
Basing on Fibonacci Extensions, the 100% forward completion of the C-Leg of the ABC correction in White is smack right it the same price levels as well.
All in all, based on our FASTLY Elliott Wave Analysis, we are expecting prices for FASTLY to take off for the 3rd wave up trend.
If the charts shows any significant reversal candlestick formations at these price levels, I will be ready to jump onto the uptrend bandwagon.
But that is only my 2 cents worth of opinion.
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