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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 201025, member: 40858"] Funko, Inc. ( FNKO ) is a pop culture consumer products company, which designs, sources & distributes the licensed products across the globe. It trades under FNKO ticker at Nasdaq. Since 2017 in daily, FNKO made all time low at $3.12 during sell off across the global markets in early last year. Thereafter it started the higher high sequence as an impulse, which favored ended at 5/28/2021 high. And below May-2021 high, it is correcting the cycle against April-2020 low in proposed Zigzag structure. [HEADING=3]FNKO - Elliott Wave View on Daily chart:[/HEADING] In daily, it started impulse sequence as wave ((1)) from 4/03/2020 low & ended at $7.78 on 6/08/2020 high. The ((2)) was dip correction as usual & ended at $4.72 low on 7/09/2020. Above $4.72 low, it started explosive move after a sideways consolidation & break out as ((3)) extension, which ended at $25.07 high on 4/01/2021. Thereafter ((4)) was ended slightly below 0.236 retracement against ((3)) at $19.10 low on 4/21/2021. Finally it ended ((5)) at $27.20 high on 5/28/2021 with minimum extension target. It started correcting the move against April-2020 low. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/10/fnko-d6.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/10/fnko-d6-1024x480.png[/IMG][/URL] The correction started with first leg lower in impulse as ((A)), which ended at $16.67 low on 8/19/2021. The connector ((B)) was triangle as correction against ((A)), which ended at $19.57 high on 10/15/2021. While below there it expect to see further weakness in ((C)) leg lower as the part of Zig-zag correction from major top & expect to extend lower towards $9.01 or lower levels before it turn upside again. Alternatively if it breaks above $19.57 high without making lower low sequence, then it can extend ((B)) in an expanded flat correction before turning lower again. Source: [URL]https://elliottwave-forecast.com/stock-market/elliott-wave-view-fnko-extend-lower/[/URL] [automerge]1635520927[/automerge] Continuing along the meme stock theme, next up is the Farmmi company. This company is little known until recently, when massive volume started to take place. It caught the eye of the reddit community and another meme stock was born. Lets take a look at what the company does: [I]“Farmmi is a company that processes and sells agricultural products in China and abroad; it grows and markets shiitake and wood ear mushrooms and other edible fungi products, including bamboo fungi, chestnut mushroom, trumpet royale, hen of the woods, lawyer's wig, and lion's mane mushroom. It also operates Farmmi Jicai, an online store that sells edible fungi products under the Forasen and Farmmi Liangpin brands. In addition, the company exports dried whole and sliced shiitake mushrooms, and dried black fungus to Israel. Through its distributors, it offers its products to restaurants, cafeterias, and local specialty stores.”[/I] Lets dig into the charts of this mushroom company. [HEADING=2][B]Farmmi Elliottwave View:[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/10/FAMI-Blog20211028164535.png'][IMG alt="Farmmi"]https://elliottwave-forecast.com/wp-content/uploads/2021/10/FAMI-Blog20211028164535-1024x525.png[/IMG][/URL] Farmmi Shorter cycles since September 24, 2021 lows. It is favoured that this stock has advanced from September 2021 low of 0.20 to a peak of 0.53 set on Sep 30/2021 in a 5 waves structure. After that peak, pulled back to correct that cycle, in Red II. The price action today suggests that the correction in Red II is set, and the next leg higher is underway. Red II low is set at 0.28, as long as prices remain above there, this view remains intact. If prices violate that low, Red II would be favoured still underway. In that instance, the next area below where another bounce can happen would be the 0.24 level. On the upside, the area for where Red III can peak is the 0.61 to 0.82 area. In conclusion, as long as prices remain above the 0.24 low, further extension higher is favoured to take place to the 0.61 to 0.82 area where a larger pullback may materialize. Source: [URL]https://elliottwave-forecast.com/stock-market/farmmi-fami-will-bulls-take-control/[/URL] [/QUOTE]
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