Foreign Welcome to another update video about ADA cardano so we just can't get off the Ground here you know and for me that Just puts again more emphasis on the Bearish county which is the the primary Count anyway and also we have a smaller Head and Shoulders pattern emerging on The chart which would be a further Confirmation Um of the continuation of the yellow Downtrend here the yellow bearish count Wave one down wave two up wave three Down wave four up wave five down that is Sort of how I would ideally see this Play out and then at the end of the way Five maybe around 22 23 cents the Overall bear Market could be over at Least that is what I could imagine Um in an ideal way would happen now Um we can of course also be in the White Wave count that is the bullish count but Um as always there is usually especially In larger Trend reversal areas there is A bullish in the bearish count and I Have to show you the bullish count as Well just so that you are aware of it And that you know where can for example Even you know even if the bearish count Is the primary for example There's no guarantee it works out of Course you know nobody has a crystal Ball but um the different counts serve The purpose that you understand where is
Low risk higher reward where is it Possible low risk and high reward trade Setup and um if you look at this I mean We have we've pulled back to key support Now and even if my primary count would Point towards downside Um from a key support level you can Always get a bounce to the upside for Example it's not necessarily anything I Would trade but of course there is a Bullish count available I wouldn't trade This because it is currently low Probability but it is certainly a Possible trade setup low risk High Reward because if it does work out You're basically um Getting quite a lot for the low risk That you have used or entered or read Yeah well or the low risk that that is Involved with the trade because we are So close to key support this stop loss Can be set quite tight but bear in mind And that's the risk with it we don't Have any confirmed Trend change yet all We've got is one higher high and one Higher low yeah what you would normally Want you want at least three higher Highs and three higher lows to get it Trend change confirmed and as you know In Elliott wave we believe that we want To see a five wave structure which Basically is exactly what I said a three Higher highs um so yeah at the moment Um what this is is at best a very very
Messy bullish structure the bullish Count would suggest that all of this was A leading diagonal in a wave one we came Down in the wave two then we talked About it yesterday that this could have Been off the wave three yeah which would Be somewhere up there I think around 37 Cents that this year Could have been a wave one of the Wave 3 We came down in a wave 2 of The Wave 3 And would now have to Rally in a way Three of the wave 3. As you can see you don't see anything Right it's not doing it so and that is Again why my bullish counter why I see The bullish count really with with Um in in terms of yeah having quite a Low probability of working out so the Target for example for the yellow Wave 3 Would already have to be 32.4 cents I I Just don't see it at the moment there This move up as well it's not really Bullish no impulse just corrective mess You can see overlaps here all over the Place Um and this looks like an emerging Head And Shoulders pattern the left shoulder The head And the right shoulder which just means That you make a higher you make a high You make a higher high and the lower High and just means the the pulls they Are losing confidence they are losing Power basically yeah they're not in
Control and if this neckline which is Sort of a bit of a dynamic price here so I can't really give you an absolute Price but let's say around 31 cents it's Obviously the ascending trend line that You could call that the neckline Um if that breaks it could send us down Lower of course yeah and let's just take The height of the head so that's just Roughly as Target and it would take us Down to around 30 cents 30 cents is the next key support Um basically here this previous swing Low and if we lose that yeah then I Think the yellow count is strongly in Control I think even at the moment the Yellow card is in control but obviously As long as we are constrained in this Ascending channel the price can bounce a Little bit Yeah but as soon as we break Below it and the lose the 30 Cent level Then I think we can reach here yet the Target of the yellow Wave 3 around 27 Cents 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 Thank you