Foreign Has sold off quite strongly Um we are still I would say in this Channel we have not really substantially Broken it Um of course it could get a bounce from Here but at the moment the Um The support that we have here is not Really really strong So the expectation would actually be for Confirmation to the downside in line With my primary count with which is the Yellow one now if you remember from my Previous videos I told you that most Likely or at least I cannot see a signal That ADA has already bottomed So the view is further downside Um with Adar finding support somewhere Here around that 32 33 Cent level Um in the yellow card so basically wave One down wave two up wave three down Wave four up wave five down remember up Here I told you this is an ideal time For Ada to turn around For the primary count because we Retraced to the 88.7 percent Fibonacci Retracement level Of this wave one You can see with that we hit perfectly The 32.8 Cent lever the 88.7 flip lever Um it was an ideal time to turn around Which we did now we're hovering around 31 cents and we invalidated one possible
Bullish setup we still have the white Count which would be a bullish count We're going to talk about that but again The the bullish count that I'm showing You here and I mentioned that before it Is a very very low confidence and and Until I see the five waves complete I'm Not going to believe that ADA has Bottomed so we're gonna stick to the Yellow count at the moment again here Also various interpretations but as long As we are staying below 33.2 cents this Yellow count is valid so that we from This Wave 4 high which was at 43.8 cents We came down in um in a wave a already We moved sideways in a triangle wave B And we're going to come down in those in A c wave and this C wave is this five Wave move I just showed you Um and we can go with that Target for The Wave 3 continues to be around the 26 27 Cent range so let's just double check That Yeah 27 cents would be the ideal Target For the wave 3. let's see if we actually Get there um target for the wave 5 Remains around the 22 23 Cent mark Did I say dollars no sense so 20 27 Cents for the Wave 3 around 22 23 for For the wave five you know Um And we can go with that as long as we Stay below that 33.2 Cent level which is The high of the B wave here
Again the this is the bearish count and We are as per the bearish card we are Most likely already in the third wave What would confirm this is basically the Strength of this sell-off you know the Typical four-way three doesn't need to Be we haven't broken any critical Support levels yet but if we break below This 30 Cent level then it's very likely We're heading down to the 27 Cent range Um so that's the yellow count the Immediate bearish one One more look here maybe at the Um especially the four hour it's quite Relevant the four hour RSI we're not yet Overbought uh sorry oversold so there is Still some more downside potential Before we should expect a bit of a Balance because bear in mind you know The Wave 3 in itself consists of five Sub waves it's not like one straight Line so there will be ups and downs in There as well Um we also have the white count here That is still the bullish count again Not high confidence Um very clearly not high confidence and In the oops in the bullish count we can Now count the entire move up here Not here as a one I did have it as a one Two possible one two but this has come Down a bit too low now so um I'm looking At possibly counting the entire move as Wave one
And then we are now in a wave two but Again the the likelihood and the Probabilities here They don't really you know it can a Leading diagonal in itself is already Low probability I mean it's not high Reliability in terms of working out as a Bullish pattern because a move like this Can easily be a bearish corrective move Okay so I'm going to show you the Bullish count because the possibility Exists that ADA does ready from here But It's just something that I don't really Believe until I see five Waves to the upside you know Um So what could be is that this was a wave A down a wave B up and we're now coming Down the C wave of wave two again but Then it really needs to start to turn Around from here Because if it drops much lower I mean There's one more key support level which Is basically the 30.2 level the 78.6 Retrace but if we go below that No confidence anymore at all in the Bullish count already now it's low Confidence okay just that you understand That yes bullish count is possible and a Long trade can of course be entered We're now deep in support Yeah So the the reward risk ratio is probably
Quite decent but The entire pattern in terms of the Likelihood of it working out is quite Low because this wave one possible wave One is only a leading diagonal at best And the move down to be honest looks Quite impulsive so I don't really have a Lot of confidence since going to work Out I will believe it more if we break Above the wave one high which is at 32.9 Cents okay that's my update about eight 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 then please check out The channel membership thanks a lot for Watching bye