Here’s is a quick update on our FASTLY Elliott Wave Analysis.
Recently, the US markets has been really bullish following the inauguration of their new president.
And as the saying goes, “A Rising Tide Raises All Ships”, our short bias on FASTLY seems to have hit a snag.
If there is any lesson I learned over the years that I have been trading the financial markets.
That is to “Never” go against the trends of Mr. Market.
Trust me when I say that the “MARKETS ARE ALWAYS RIGHT”!
No matter how much analysis you put into any trade, when market dynamics changes, never swim against the tide.
Precisely why when trading Elliott Wave strategies, it is imperative to have an “Alternative” wave count.
Kind of like a contingency “Plan B” when things doesn’t work out accordingly to the original plan.
So here’s my first alternative for the FASTLY Elliott Wave Analysis.
If Wave ((II)) in orange truly has completed, then the current run up in prices may be signaling the start of the Wave ((III)) in orange.
Currently, prices seems to indicate that it is completing the last wave 5 of the lower degree 5 wave sequence in white.
If that is the case, then that would signal the formation of the lower degree Wave 1 of the larger degree Wave ((III)) in orange, a.k.a Wave 3.1.
Let’s see how this plays out.
For the second alternative on the FASTLY Elliott Wave Analysis.
We are basically forecasting an extended corrective structure in the form of a larger A-B-C Flat correction in white.
Currently, we seem to be in the midst of a smaller corrective structure in the form of a Wave (B) in blue.
Likely, this correction corrective could be forming either an Expanded Flat or a Running Flat correction before running up to complete the Wave B in white.
And finally dropping to form Wave C in white.
With that, the larger corrective structure can then be considered as valid and completed.
Hope all that makes sense.
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