The Trust Layer for Market Analysts

The analysis focuses on Fetch.AI (FET) using Elliott Wave patterns on a 4-hour chart. The analyst expresses concern that the market isn't showing clear upside reversal signals and may remain stagnant until a rate decision. Two wave structures are tracked: a triangle pattern and a WXY structure. The triangle pattern suggests sideways action, with a potential drop to $0.432 before an upward breakout. For the triangle to remain valid, the price must hold above $0.55; a break below this point would invalidate the triangle formation. The alternative WXY structure projects a target of $0.492. Downward pressure is noted, though the price is testing the 50% retracement level at $0.585. A move above the green signal line at $0.89, followed by a move above $1, would signal a potential rally towards $1.50.