Foreign [Music] We take a look at the chart on the one Hour time frame not too many new Developments here continue to be in the Situation where my view is that the Bearish count is more likely it could Unfold in an ending diagonal wave one Two three four five Um so that's how it could unfold with The target 4-way 3 27 cents Target for Wave 5 around 23 20 223 cents yeah the Problem that we have here there's Um even even this Wave 2 that we've got On the chart here in yellow highlighted In yellow I mean this could even be Um this could retrace much more yeah I Mean we really if this really is a wave Two that we've seen here if it doesn't Retrace anymore it was a very very short And shallow wave too what would that Mean It would rather mean that there is quite A lot of bearishness going on here Because if this yellow Wave 2 really Doesn't go any higher this would Indicate a lot of weakness yeah a lot of Weakness if it really retraces only to The 23.6 percent flip level now there is No Elliott wave rule that tells us that A wave 2 has to retrace to let's say the 50 retracement or so but it is likely And if a wave 2 retraces only to the 23.6 percent flip level a lot of
Weakness that indicates however let's Say we do Get into a stronger wave too how could That unfold we need to be ready that if We break out above The previous swing High hit basically 33 Cents there's some kind of a breakout Point there's a bit of a resistance area Here I would say between 32.8 cents and 33.2 I mean I can actually add that Resistance area onto the chart to make It more visible this in my opinion is a Resistance area now if we get above that Level my first view would be that this Is actually just an extension of the Wave 2 and that the Wave 2 unfolds as Some kind of an ABC pattern with a in Three waves wave B probably as a flat And then the wave C to the upside so Again short-term upside possible we Don't need to break down straight away Because the Wave 2 would be very very Shallow okay So let's see if there is short-term Upside how could they unafford well it Would most likely to unfold in a wave c A b c and I can give you a target for The C wave as well Let's go to that to the low well it Could take us to 36 Cents that would be The 1.618 extension if it goes above That then it would put more emphasis on The bullish count that I have on the
Chart here as well So but let's finish talking about the Bearish chart so I mean in terms of the Bearish chart it's quite simple yeah This could be a wave 2 could be finished Already if we break and we are very very Close to that key support level I'm gonna zoom in a little bit if we Break below the 30 Cent level this swing Low Which is a critical support level if we Break below that level it would make it Very likely that we already in the third Wave and then I think we're going to Come down straight away However if we're holding this support Then we can obviously move up to the top Of the channel here break through the Resistance area and if we then reach the 36 Cents 36 Cent level that would be the Next Pivot Point decision point from Where we could reverse down so either go Down straight away or if we break above Resistance we're probably going to put In an extended wave to and then come Down you know so this can be traded Quite nicely actually if you want to Follow this and trade this I personally Wouldn't trade it it's for me not not Attractive enough there isn't enough Volatility in the market here at the Moment um that's probably why there Isn't a lot of interest in in cadano at The moment in general however it's still
Holding above the 88.7 FIB level which Is the 30 Cent level So that's the bearish count and um yeah If we get an extended Wave 2 to the Upside yeah then those targets that I Gave you here for waves three and four And five will change as well there is of Course a bullish wave count as well Again it's not high likelihood it would Indicate we have really put a bear Market low in here on the 21st of November we then moved up in a leading Diagonal we came down in wave two and we Should now be moving up in a wave three Then a four and five so if we get five Waves up Ideally above 36 Cents and we get five Waves then come down in ABC only that is The moment when I can confirm that most Likely a low has been put in place here For Ada the problem is also why I don't Think that count is very likely the Bullish count is Yeah you know we've put a one in place Possibly a two in the bullish Interpretation but the way three should Really be bullish now we're just Hovering around support and yesterday I Talked about this possible Head and Shoulders that's actually playing out Here and um based on the head and Shoulders I mean if this small pattern Is working out and we really break below The neckline which is basically the
Support of the channel here then yeah we Can get quite quickly to 30 cents and if We break below that the bearish count is In full control here the moment the Bullish card still has a chance less Likely because we don't really see the Impulsive movement to the upside also The suggested micro counts for the Bullish count are not working out so I'm Gonna take them out there there's no This is just pure speculation here Because they are not they're not moving You know you don't you don't get it this Could be a wave one this could be a wave Two then here another one two set up and Here another one too I don't know it's Not even making a higher high this looks Like a three wave structure up as well So maybe a wave one ABC but then the a Wave came down too low so forget about It um this is not reliable if I show you Here any micro counts this could be Anything really so it's a it's a Corrective mess that's why I'm focused On the bearish card at the moment and Wait for a clear signal here to um make Um any clear course here and as long as We are in this channel we can of course Follow the channel Um in some kind of a corrective price Action mess Um but we really need that breakout Signal out of the channel and then those Targets that I gave you become relevant
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 [Music] Thank you