Foreign Let's take a look at the other chart Here on the daily first so Ave is still In my opinion one of the the better Looking charts even if it drops below The June low it will still make a good Impression generally long term Um because it will only really turn Bearish long term if it drops below 23 To 25 dollars here in the let's say Short term or medium term we can see That from the June low we moved up in a Wave one and at the moment we can still See this and that's the yellow count as An A B C pattern which hit support at The 88.7 percent flip level around 53 US Dollars from here it could now start to Rise it's really at a make or break Point medium or short term needs to turn Around there any drop below that 88.7 FIB level will strongly push us into the Pink count here which is sort of the Bearish count where we say the movement Of the June low was just a correction And we're coming down impulsively here Wave one here wave two this was a wave Three here wave four and the fifth wave To come Um target for the fifth wave Let's say depends on how high The Wave 4 Really goes because this can still push A bit higher this way for Um but the target if I take the length Of the wave one roughly yeah I mean it
Could take us really down into the mid 20s so 24 25 dollars but if it is really A diagonal pattern which I think it is The way this looks then it could also Only take us to the 61.8 percent Extension that's at 38 US dollars I Think that's a much more likely Target But never say never so we need to keep Observing this again the key support is The 53 level you know one idea how to Play this is to if if going long from Here because you know in a move down Here in the C wave You Can Count this Actually as complete already Um So there is a chance to reverse from Here but we just don't have any signals That is doing that Um but it obviously hit key support And this could be a wave one this could Be a wave two here we've got another one Two setup and a possible breakout but The breakout would occur above the 63 Level and going along here would in my Opinion I would set a stop loss Somewhere below the 53. Um now we've obviously moved up quite Substantially already this was the Support really here Um But yeah we are now getting to to a Possible breakup point and the 63 dollar Level would be a breakout then we could Have more confidence into a possible
Wave one here in yellow which would be The breakout pattern because then you Would within the wave one you would move Up in five waves one two three four five Um whereas here in the bearish pattern You're looking for three waves in the Wave four this could also still push a Bit higher So if we talk about this being a wave 4 In pink this can move higher because the Wave 4 can retrace all the way up to the 50 Fibonacci retracement and that would Actually be 76 dollars believe it or not So it can actually move up quite Strongly and if you choose to do so So it's actually not too much of a let's Say bad idea to go long here I think Um but that's entirely up to you you Know I'm I'm not doing this at the Moment I want to have some clearer a Clearer vision here yeah I'm at the Moment focusing a little bit on Chili's In terms of buying and selling because You know this this looks really Um really good really interesting at the Moment Avi I'm waiting for a signal that It has bottom there isn't really a clear Signal we're basically broadly in a Range and as long as we're not above 63 Not doing anything and even if we get Above 63 I think I want to wait until This wave one is formed if I see five Waves up then I'm probably going to buy The Wave 2 retracement to to trade the
Wave 3. and if we don't see five waves Up then it's probably just a way for Correction and we're going to come down In wave five so I'm gonna keep you Updated just want to let you know that We basically haven't seen a breakout yet Still two possibilities and at the Moment this doesn't really give you an Edge Um here Um So for me it's sort of time to to wait a Little bit have a bit of patience until The elite waves here give us an edge Again with for example a one two setup Um that could be traded To the upside or the downside to be Honest so at the moment it's just moving In a range and we are waiting here for a Signal but you need to understand we We're waiting for Um Either a breakout from here but it has To happen from here you know any break Below 53 will most likely push us or put Us into wave 5 to the downside and Because both possibilities are there Um It's really time to wait for a signal And the problem that we have is that in The yellow Wave 2 so the way we came Down here we came down a little bit Further than you know you would ideally Want it to do to do that is also why I'm
Not buying now otherwise I would Probably accumulate but I'm not doing it Um just because things are a little bit Uncertain right okay and that's my Update about Ave hope you liked the Update if you did please hit the like Button leave a comment and subscribe and If you really like the content then Please check out the channel membership Thanks a lot for watching bye Thank you