Foreign [Music] Welcome to another update video about ADA so Ada has dropped a little bit Further Um after my last video and this is now The time when it really needs to turn Around if we are in a bullish scenario Which I don't think we are but of course I want to show you the bullish potential As well as you know there is usually Especially in a trend reversal area There must be a bullish and a bearish Scenario I am however in favor of the Bearish one but however the bearish one As well Um can work out different ways of course You know and it depends on the key Breakout points that we have here at the Moment and we take a look at that in the Bullish scenario let's take a look at The bullish Elite wave count first it's Not the primary one but um the idea is That in the bullish one I can count this As a leading diagonal in a wave one and We came down in a wave two and this Wave 2 really needs to be over now it would Be followed by wave three to the upside Wave four down and wave 5 up Signal that this Wave 2 is indeed over Would be a break above the wave e high Of the triangle here I'm going to take You through that in a minute off the B Wave so above 31.5 cents if we get above
31.5 cents then It would be a first signal that the move Down here is finished you won't get a Signal before that unfortunately Um the View that if we are really in the Bullish scenario that it now needs to be Finished Um that's because we reached down here The 30 Cent level told you in the Previous video this is really the key Area of support where it needs to turn Around if it is in a one-two setup if we Drop below 30 cents it's most likely Going to come down straight away in the Direct sell-off scenario yeah so this is Really the last area of support and you Can see that I labeled this As an ABC scenario we did that before a B c the only change I made is that the B Wave does now count as a triangle and I Did that because usually after a b wave Triangle yeah Elite wave triangle ABCDE Where you would expect the price to Break to the opposite side of the E wave Usually then you get a very very strong Sell-off and that's what we had and to Be honest looking at it in more detail It really looks like an ABCD triangle a B c d e Um Contracting triangle Actually quite clear And more more interestingly if you look At the um taking the let's say we take
The height of wave A to B and then we Add it to the breakout point Now one second needs to be properly done Yeah no it was a A b yeah yeah Okay so let's do that It's the height of the triangle Will be added to the breakout Point Let's see where that would guide us Where that would take us to So Target would actually take us to 29.8 Cents so we came down to 30 which is Pretty close Um and uh yeah I mean we shouldn't wrap Oh we can drop a little bit lower but to Be honest we should avoid it Um that 29.8 Cent lever that I just Showed you is the 88.7 flip level Um 29.9 here and we shouldn't really Drop below it if we do we're most likely In the direct sell-off so We are really in deepest support for a Possible wave too signal that this Wave 2 is over would be a break above the Wave e high at 31.5 cents and then we Could also look at higher but um for me It continues to be very very I'm very Skeptical about a bullish scenario here I can't see it I could see it if we um Let's say Bitcoin ethereum now suddenly Starts to really really rally maybe they Will pull ethereum Ada with it but Here is a clear clear evidence why Charts need to be taken individually and
Looked at individually because here Since the I mean ethereum did perform Really well since the 9th of November What did Ada do it just sort of did Slide down right so yeah I'm not really happy with the Performance here but we also didn't Really expect much of ADA um because the Structure looks really really corrective Which would suggest further downside and In the last video we talked about it was Yesterday we talked about Um The idea we might be in the direct Sell-off scenario here which would be Here the yellow one and this is the Primary count anyway Um where we came down in a wave one we Moved up in a wave two and we could now Be in the third wave that would be a Fourth and a fifth I even showed you in The last video a possible sub wave count Here Um which I had to take off again but um It could be that this was a wave one off Three this was Wave 2 of 3 we're now in The wave three of three there will be Away four of three and away five of Three and um That doesn't seem unlikely to be honest Yeah so One two and then here a smaller one two Three maybe now a four and then one more Like down and then we've got a a fifth
Wave of the of the third of the third Level we don't really want to go into Too much detail here micro counting but The target for the third wave in yellow Would be around 27 cents so we still Haven't reached that Um a signal that we really will get There would be that substantial break of 30 cents which we haven't done that done Yet and then um we need to take out the Previous low it's 29 and a half cents And then I think we're gonna put a new Low in place we're really really it Doesn't take much to put a new low in Place you need to be careful Though to expect that straight away Because we are basically oversold on the One hour time frame we're nearly Oversold on the four hour time frame so What we could get is just a little bit Of a counteraction to the upside Wouldn't be surprised to maybe see a Retest of the channel yeah and bear in Mind when we talk about those really Lower level wave counts this is really Micro counting and these are very Fragile a lot of that is um Just intraday volatility and to a degree Very very hard to forecast but I'm just Showing you options here and a bearish Confirmation of this move to the Downside that would also allow the Indicators to recover a little bit Before another sell-off they would be a
Touch of the channel from the downside Those sort of re-tests really that you Can get sometimes Um but yeah again and unless we get Above the e-wave high 31.5 cents the focus has to be directly On the downside Okay and that's my update about maida 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]