Foreign Ave has surprisingly held really well in This current sell-off of Bitcoin and Ethereum that gives a bit more Confidence in the bullish account here And I think in the last video it was I Told you that my primary expectation is Still the pink account here which would Be one more low maybe even maybe even Into the region around you know the 40s Or mid 40s um US dollar of course Um But also made you aware of a possible Bullish card and I said unless it really Drops Like a Rock here it may turn Around and put the bullish count in Place and this is gaining in probability It is gaining in probability we're still We still don't have a very very clear Picture here the pink count would Suggest that we end the fifth wave down And the yellow count would suggest we've Completed a wave two and to be honest if It um if it is turning around it should Really do it now yeah Um ideally it doesn't drop any lower Okay it could still come down to the 78.6 percent flip level maybe in an ABC Correction but it would again just be a Bit more painful because my issue with This chart is that it actually retraced Too low in this larger one two setup so It already is Um
Less likely to put a bullish count in Place here but still possible you know We didn't move down too much so in terms Of making it uh impossible and Invalidating the pattern it just is less Likely and therefore ideally we are Moving up from here and don't put a new Low in place because here and the Smaller fractal it would then be good to Show some strength so yeah ideally you Know we're reversing here at the 50 FIB Level and push higher Um the Ping count is still my primary Just because we retrace too much and There are charts that show a little bit More promise Um in terms of a short-term bullish Perspective but here what is quite Certain for me I mean anybody who can Who wants to who wants to look at this I Mean if we drop really below the 50 flip Level here at 59 I think then you know We could come down quite quickly to 54 Re-test that And if that fails we are most certainly Going into the 30 to 40 dollar range you Know Um but because we did hold and we're Holding quite strong compared to bitcoin And ethereum then Um Because we're holding quite well we can Put a little bit more weight onto the Bullish count here so this is support
Area here and basically between the 50 FIP level and the 78.6 FIP level and we Would be rallying in a wave three then Now I'm waiting for confirmation here Because a bit too early to confirm that I mean yes we've moved up a bit but what I'd like to see now and this is really We're talking about micro micro counting Here what I'd like to see is now that to To get a bit more confident in the Bullish count uh I want to see here that We are in the small Wave 2 putting a Support in and don't make a new low so If we now hold support and that support Would need to be in Well in the current range I would say Right um it needs to be Between the 78.6 FIB level and the 50 FIB level again I'm not going to make that let's make That yellow Um between 59.46 and 61 dollars Basically where we're now we need to Find support here in Wave 2 in the small Wave 2 and if we turn around here and Break above the wave one high that would Be a really really good First Strong indication that a law has been Made here in the larger wave too next Really good confirmation would be a Break above that wave one high at 68 Dollars Um then the imminent downward move is
Invalidated anyway and then we can reach The larger Wave 3 Target which I'm going To show you as well We would then be talking actually about 86.60 so it's quite an interesting move I mean if you consider here Um re-water risk that is interesting Um because you know you can set your Stop loss C quite tight if you want to Trade this long for example Um and the reward would be quite nice or We can take a look at that if we just Take a look here at Rewards a risk and if we go all the way Up here to let's say 86 dollars that Would be Target let's say we set the Stop loss I mean even if you set the Stop loss below the 78.6 flip level that I mentioned to you here of the larger Wave 2 because it could theoretically Still be we dropped below this yellow Support area yeah Um let's just do that And I'm not telling you to do it it's Just that's your own decision but in Terms of rewards risk I mean if we if we Um One second So where would we enter let's say we Even entered here long and we set the Stop loss below the 78.6 FIB level you Know you're looking at the Um a reward Risk for of around around about 3.3 yeah
So there is much more benefit in this Than the actual risk I mean you can set The stop loss tighter of course you have A higher chance of being thrown out if You just set it below the yellow box Just for the micro trade there Um and you're looking at One sec just need to Though you're actually looking at 12 so That would be a pretty pretty decent Um re-water risk ratio right that would Be pretty decent so basically risking Um 3.5 percent here for 41.5 Move to the up size not too bad so again I'm not telling you what to do but That's exactly what the Elliott waves Help us with identifying let's call it Low risk higher reward setups okay so That's my update about Ave hope you like 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