Foreign Video about ADA Ada did come down all The way to the channel support uh today Yeah as suggested already in the Previous video Um However we haven't really seen any Bullish reaction to the upside yet yeah So still weakness and I cannot rule out That we will go down lower so for Everybody who's new here there are two Wave counts on this chart Um with invalidation points so the Actual bullish count which would assume That a low has been made here on the the 21st of November is the white count and We would assume that we moved up in a So-called leading diagonal in a wave one And we're now coming down in wave 2. Um We would now move up in a wave three Come down in four and move up in five This is the bullish interpretation and In the bullish interpretation we would Say that we've well we've come down to The 61.8 retracement at 30.9 cents Pretty much exactly where we're now Um quite a relevant support level for a Wave two I cannot rule out another low At this stage due to the lack of any Impulsive reaction to the upside from This channel support as long as we are In the channel it should be possible to Move up and even if it's only to the
Resistance level of the channel around 33 cents here Um But if we break below Channel support And it's quite straightforward at the Moment and we we are at Channel support So anybody who wants to trade this long Even though it's not necessarily high Probability to work out but the risk is Quite low because the stop loss can be Set quite tight you know always set stop Losses below technical Targets this is a Clear validation point or a clear point Where you know you can set a stop loss Quite quite tight so the risk is quite Low compared to the reward not Necessarily in terms of probability of Working out but in terms of low risk you Know in terms of how much money you lose Compared to what you can actually gain Um if this moves up because the Resistance is quite far away isn't it And support is very close However the bullish scenario is not very Likely I would say yeah it is Um but let's let's just calculate Target For the Wave 3 Maybe Um It would be around 36 Cents yeah the 1.618 extension but it's not necessarily High probability because We have quite a lot of overlaps in this Movement you could consider it some kind Of a bear flag and
Yeah this is at best only a so-called Leading diagonal as already explained in Previous videos leading diagonals are Not very reliable so um yeah until we Really get the breakout things aren't Very clear here so I have to assume Currently that we are still in the Yellow count the yellow count is the Bearish count Um and to be honest the sell-off looks Quite impulsive as well to be honest Yeah Um I mean we we can At the moment the sell-off is in three Waves isn't it so if I zoom in just to Show you the lower level detail we go to The one hour chart At the moment the sell-off is pretty Much in in three waves so we can Consider it's an ABC It would be here with a Then I would consider this to be the Wave B In some kind of a weird triangle a With a B C d e yeah like see the wave B Would sit here yeah Um but it's yeah it's it's it's yeah It's not it's not great so if we have One more low we'll get five waves down What does it mean if we get five waves Down well it would mean if we break Below that 30.6 level it actually would
Make me favor Um the direct sell-off I mean I'm Already doing that anyway Um the bullish scenario was not primary You know that the yellow count is so far What we what we see that we don't Currently think that a low has been made For Ada uh I did ask the question one of The previous videos do you believe the Law has been made well I don't at the Moment not until I see clear 5 wave Structure to the upside on the Ada chart That would give me at least initial Evidence that the low has been made So primary expectation here would be to Come down further if that happens Directly or not you know it could very Well be that we see an extended Wave 2 To the upside all that stuff is possible So nothing is going to happen in a Straight line but the point is we Haven't really seen enough bullishness Here in this chart to be confident so The target for the way three down would Be around 27 cents unchanged from the Previous video a target for the wave 5 Around 23 22. so that's sort of Currently the two options if we break Below the channel support that would Already be a sign that we are heading Further down and then if we break below The 78.6 percent retrace that is at yeah Third basically 30 cents if we go below 30 cents it's very likely that the
Yellow count is going to work out Um at the moment of course it's a little Bit unclear because we're still in the Channel but also now I would be in favor Of the yellow count Okay and that's my update about ADA 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