# FET Bearish Elliott Wave Analysis

## Overview

Fetch.ai (FET) is experiencing a bearish technical setup with price action remaining trapped below key resistance levels. The analysis indicates a completed five-wave decline with multiple downside scenarios still in play and limited evidence of bullish reversal.

## Technical Structure & Elliott Wave Count

The primary technical finding is that FET has completed a five-wave decline [QnCxX8DKPjY @ 01:13], which forms the foundation for two possible scenarios. In the yellow scenario, this five-wave structure represents wave A of a larger corrective pattern (1-2-3-4-5 in yellow wave A) [QnCxX8DKPjY @ 01:16], which should be followed by a B-wave bounce in an ABC pattern [QnCxX8DKPjY @ 01:24]. Alternatively, the white scenario suggests waves A and B are already complete, pointing to a more direct decline [QnCxX8DKPjY @ 01:39].

## Key Price Levels & Resistance

FET continues to trade below the critical 29 cent resistance level, with the market unable to push above this first pivot point [QnCxX8DKPjY @ 00:18, V-zze413Q0U @ 00:10]. These technical levels are being respected "in a bearish way" [QnCxX8DKPjY @ 00:13], indicating strong selling pressure. Downward pressure persists across both Elliott Wave scenarios [QnCxX8DKPjY @ 00:24, V-zze413Q0U @ 00:16].

## Downside Targets & Support Levels

The next support level is identified at 22.6 cents [QnCxX8DKPjY @ 02:29]. More concerning is the 100% extension target at 18.1 cents [QnCxX8DKPjY @ 02:50], which represents a frequently-reached technical objective where wave C equals the length of wave A [QnCxX8DKPjY @ 03:04]. This target becomes relevant if the B-wave has already topped, potentially triggering a five-wave decline to lower levels [QnCxX8DKPjY @ 02:56].

## Bullish Reversal Conditions

For bulls to regain control, the price must break above the recent high around 27.5 cents [QnCxX8DKPjY @ 02:35]. Such a breakout would signal that the yellow B-wave scenario is likely playing out, potentially pushing price into the upper resistance area [QnCxX8DKPjY @ 02:40]. However, there is currently no evidence that a low is in place [QnCxX8DKPjY @ 00:31, V-zze413Q0U @ 00:23], and the analysis notes concerning absence of buyer activity [QnCxX8DKPjY @ 02:12].

## Market Consensus

Both analyzed videos present identical bearish assessments with complete consensus on key technical levels, Elliott Wave counts, and downside risks. The overall correction appears incomplete across all scenarios [QnCxX8DKPjY @ 01:08, V-zze413Q0U @ 00:57], with pressure remaining "downward in a very direct fashion" [QnCxX8DKPjY @ 02:26]. Until bulls demonstrate commitment through upside momentum and resistance breaks, the path of least resistance remains to the downside.