Foreign [Music] Welcome to another update video about ADA Ada is in our decision Zone yeah Ada Did retrace as anticipated in the last Video we took a look at this ascending Wedge um which we can count as a Diagonal pattern I made a few minor Modifications to the wave count I think I had the wave 5 here before Um consider that an A B C or even a one Two one two but for the one two one two We drop too low and the structure of the Chart You know at the moment rather suggests That the wave one high was there at Around 32 cents we then lost the support Level we lost the trend line Um in this ascending wedge which is Normally considered let's call it a Bearish pattern or at least a pattern Where you're making a new low or that You where you lose support and come down In a possible a b c correction and I Gave you a support area and we have Reached exactly this support area we've Reached the 50 Fibonacci retracement level at 31 cents So the idea was from here that ADA can Move up either from here the 50 FIB Level the 61.8 at 30 and a half cents or The 78.6 percent flip level is if it Loses the 78.6 FIB level then it failed To create an uptrend here and I mean
Technically it's still good yeah it Won't really be invalidated this Possible uptrend until we go below 29 And a half cents but you know if it goes Below the 78.6 flip level it is very Unlikely that it still is a wave 2 and It is most likely some kind of an Impulsive pattern to the downsides so We're watching this chart scenario Fulfilled and confirmation that we are Moving up in a third wave will be Obtained as soon as we get above this High So that's around 31.7 cents A bit of a way to go not too much we can Do that easily but this would be the First well the first indication that we Are going up confirmation as soon as we Go above 32. Target Let's calculate a target for the third Wave as well I would have to assume to calculate the Target that we bottomed already or maybe Go a bit conservative and we say we come Down to 30 and then the target for the Third wave up would be 34 cents two Maybe 35. So in that region between the 1.618 Extension and the 200 extension yeah and That is Basically what we at the moment can talk About with the Ada chart very important As well that you could add a trend line
Here you've got four touch points Um this is not only trend lines actually A channel Out Yeah it looks like a channel as long as We're in the trend Channel obviously we Are following the channel but it looks Like a corrective move down gives us Good chance to break out to the upside From here Um ideally from one of the key FIB Support levels yeah so yeah and you know Breaking out of the channel would be the Very first indication that we could go Up and Um then we've got this with B high if we Go above that that would be the next Indication and then obviously the wave One high again if we go below 30 which Is that 78.6 FIP level yeah then this Was probably just a corrective move up And we're coming down and make new lows Below 29 cents so I guess today or Tomorrow we all know more um it might be A very quiet weekend we'll see um but Again we are just in this nicely defined Channel keep an eye on that keep an eye On the breakout levels and the key Support okay in this map did about ADA 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 [Music] Thank you