Foreign [Music] Algorand is Con well continues to me for Me To be in a downtrend Um we talked about anything in the last Video we're still in this channel Mentioned to you that this was only a Three-way structure to the upside looked To me like a wave four I think this so far has proven to be Correct yeah because from the high which Was printed here at around about 45 Cents we came down in a wave one moved Up in a two just need to readjust that Here one two three this year the four And then the five still unfolding right Now Um and then in this way five we can see The sub waves Five waves Um in wave five basically and you can See here that we've had a wave one as Well that was here at around 29 cents on The 19th of November a wave 2 to the Upside here around 30 cents Then we came down in the third wave on The 22nd of November to around 22 cents Sideways movement in a wave four Here unfortunately they're they're Several possibilities I mean it could be The way four is now done with this kind Of weird structure don't really think it Is yet
Um On the other hand that move down looks Quite impulsive so It could be done And then we move now up basically or let Me show you what what's possible so Could be that in this wave 5 then yeah Which is a five wave movement itself Again this was a one hero two a three to Follow a four up and a five down If that is the case then We can formulate a target for The Wave 3 in green That would be the 1.618 extension at 21 Cents and then to really finish off this Overall five wave move down we're Looking at the area around 18 to 20 Cents here yeah Um so I think that is a very very valid Target as it looks at the moment but as I said the Wave 4 might still be ongoing And the reason is we have not broken Below the low from the 22nd of November So Wave 4 could still be ongoing we Don't know that we will only get this View really as soon as we break below The low from the 22nd of November the Wave three low That would be a confirmation that wave 5 Is starting Until then we only have indications Really right Um especially because the Wave 4 so far Has been very
Shallow So as you know the ideal Target for away 4 is normally the 38.2 percent flip Level at 25 and a half cents we haven't Reached that yet so We need to be ready That waveform might still be unfolding And that in Wave 4 we've really only Seen here something like A b and the wave C might be running now Yeah and then you've got here your Possibly one two oh no one small one two Here and then maybe one way three of C Is still unfolding four and five as well Because the wave C has five waves in Itself but doesn't matter the main point Here is that Wave 4 could stretch Ideally to 25.5 cents Maximum would be 26 and a half that Means if we get above 26 and a half Cents we can explore More bullish options okay Um Because the Wave 4 would normally not go Above this level it would then have to Be something different probably Something more bullish for now I allow Algorand to go a bit higher here so I Would only really change my view about This high level wave count If we get above 26.5 cents until then my View is focus on the downside Understanding that higher prices are Possible short term all the way up to
26.5 cents ideally to 25 and a half And a breakout point and indication that We actually get there to these Short-term higher prices that would be a Breakout above yeah 25 cents As long as we stay below that The focus can be imminently on the Downside okay but the breakout here Would change it to short-term upside but Then down I don't really see the bullish breakout From here But I would consider it above 26.5 cents That should be that should be clear Um And looking generally At the indicators RSI especially in the four hour in the Daily they show pretty much neutral so They do suppose or they do support both Outcomes here Short-term upside and then down or down Straight away they're not oversold Immediately for example if the indicator Was oversold already I would rather say That we will With a greater certainty see those Short-term higher prices but they are Pretty much neutral so we just need to Wait and see here I think Um but generally the trend is still down For me yeah for algorand and it has been For a while and I think this was a good Call
Okay and that's my update about algor Run I 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 please check out the Channel membership thanks a lot for Watching bye [Music]