Technically, FLC is most likely just completing a cycle with the recent low possibly the end of Wave C (but that hasn't been confirmed yet). An extension of Wave A and Wave B suggest the recent low could quite possibly be the end of the fall in price. The other indicator is that a cycle normally loses 75% of its W1 to W5 gains in the ABC fall and the recent low is just below that level.
The suggested cycle is probably Wave 1, 2 of a larger cycle as its not uncommon to see there long extended sideways actions in W1's as they complete.
I don't see anything that supports a Wave 5 analysis - but Elliott Wave is a very subjective tool. Also the Fibonacci extensions of WA and WB suggest a bottom somewhere between $0.065 and $0.165 - which is quite a wide range to be of much use beyond a general estimate.
Anyway, FLC is probably thinking about (or started) turning the corner into a new cycle (or larger W3) which suggests higher prices ahead. As always the trend is still down and it's not impossible for the end of Wave C to be a little lower yet before that move up. Anyone wanting to buy into FLC should wait until price confirms a new uptrend on the weekly chart.
Good luck with it
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