Foreign Welcome to another update video about Cardano ADA we continue to be in this Channel here that I talked about earlier Today And yesterday and in the last few days Um we've got still the situation that we Have two possible wave structures here I Am still focused unchanged basically on The yellow chart Um which would lead to new lows the Reasoning behind this is very simple It's just because Ada hasn't really done A lot to convince me that the bottom is Already in the low is already in Theoretically it's possible Yeah with the 29 and a half cent Mark Which was reached here on the 21st of Um November we basically reached a very Important Target we reached the 88.7 Fibonacci retracement level of the Larger Adar cycle but it hasn't done Enough to really push higher from here Yeah there's a little bit of an attempt To push higher here we're making higher Highs we're making higher lows generally You would consider that possibly a trend Change but it's just too weak it's not Impulsive at all at least not yet it at Best yeah in the in the most bullish Interpretation this year is a leading Diagonal explained earlier today so Called leading diagonal Elliott wave Pattern you can Google that wave one to
The upside a wave two to the downside That could be finished in the bullish Interpretation and we're now moving up In the third wave that's what I talked About earlier today this is possible Yeah if anybody wants to trade this Short term absolutely you can go with That until it is invalidated especially As yesterday we were so close to key Support it was very low risk to enter Here a long trade talked about that in The videos even though my primary Expectation is still down which doesn't Mean That when we hit a key support area Where there is low risk and possibly High reward you couldn't still trade it Long right Um but yeah you know we we were waiting Then for five waves up at the moment you Can see here the three Um the white wave pattern which would be The first wave of the third wave up There Um within this we have created now three Complete waves but it's not great Because To be honest we are still missing Um we are still missing the Um the bullish wave basically the Bullish wave can't ride so we basically Only have three waves what you want to See we you want to see five waves the Blue count is five waves complete that
Is what it is right the problem is what It can't be it can't be a one two three Four five anymore why is that because in The small blue count which is sort of The lower level wave count of the Wave 3 Yes we have five waves one two three Four five but now we've come down too Far From this peak what you would have Expected in an impulse Which would have been the most ideal Wave pattern We should have held if we assume wave 5 Was in here Wave 3 was in here higher Degree wave three yeah and we should Have held 31 Point well actually the Wave one high we should have held 31.3 Cents we didn't so we came down too much So that leaves again a little bit of A bad taste here I would say yeah I mean Not basically in light with my primary Expectation that this is not really Bullish because you can interpret this Bullish yeah you can interpret Everything as bullish but the question Is How likely is it the problem is we Didn't create a proper way three Yeah because we're coming down to find Wave four so the best I can give you the Most bullish scenario I can give is that Is another one two setup and we're now Moving up in three four and five but Um yeah I don't like another one two Setup in a wave three it's just not
Again it's something that is getting Less reliable now we can give you the Benefit of the doubt but in that Scenario we need not to hold 30.9 cents And from here we have another chance to Rally then in this wave three But um yeah again it's it's too much of A retracement here to be really really Bullish so I remain skeptical about the Bullish wave count and my primary Expectation Remains the yellow count in That Um where the interpretation would be we Moved down in a wave one off the wave B High which was printed here on the 20th Of November or the 19th yeah wave one Down wave oops wave two to the upside What am I doing Wave 2 to the upset Wave 3 would be Currently unfolding Target around 27 Cents then away four and away five Um in this wave three yeah and that Would be the sort of bearish count now We would say that within the Wave 3 We've done here a wave one we've pulled Back possibly already in the wave two And we're now heading down in the wave Three of three there will be a four and A five now this could still be Um Subway structure of the Wave 2 so There's no guarantee Wave 2 is finished Yet so just to show you the prop the Possible wave count wave one down Wave 2 To the upside
Three down four up five down and within This wave two I mean Let's zoom in It's very much possible because we Haven't retraced a lot from the bearish Point of view all of this could just be An a wave then we're now moving down in The B wave and would move up higher in The C wave So that's why it is so important to see Five clear waves otherwise it can just Be an ABC and with the bearish scenario Still being the primary I'm going to focus on the background Here as long as we're staying below 32.4 Cents why is that because if this is From a bearish point of view a wave one Down and the wave two up the Wave 2 will Get less likely above the 78.6 Retracement so above 32.4 cents that Means above 32.4 cents it is more likely To be something bullish yeah so here the Focus is still down anybody who's long Here just needs to be on the side of Caution just be aware that bullish Counts are not high probability here Um just because the chart isn't Delivering anything super bullish at the Moment and the signals of the November Low haven't really been super super Strong yeah that's unchanged my view Basically so it's a bit boring in this Sideways movement but you know we don't Want to give up when it's boring because
That's when most people are giving up in This market and that is why the um the Whales are winning usually right because Most retailers are leaving the market When it's getting a bit boring yeah it Is just fact so uh yeah 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