FASTLY Elliott Wave Analysis (10-03-21)

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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.

 

 

 

 FIBONACCI PERSPECTIVE 

 

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.

 

 

 

MY EXPECTATIONS

 

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.

 

Please do your own due diligence before taking any trades.

 

Trade Safe and never risk more than 1% to 2% of your account equity on any trades.

 

 

For more potential trade setup suggestions on the US Stock Markets, check our Blog Posts On US Stocks.

 

 

Shorten your learning curve by downloading our complimentary Elliott Wave Cheat Sheets.

 

 

For more articles on the Elliott Wave Principle, check out our other posts in our  Elliott Wave Blog.

 

 

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