Foreign [Music] Has followed here clearly the primary Expectation it has broken down Of this triangle yeah that was the Expectation here made you obey in the Last video that as long as we stay below The C wave Which was here at around yes 17.9 cents We can see this here is an Elliott wave Triangle which would most likely break Down there was still one leg down Missing yeah which now happened however Is the low already in well it could be But I'm not convinced yet I'm not Convinced yet I would need to see a Rally in five waves to the upside Clearly this is only at the moment a Three wave rally Three waves to the upside indicate Correction which would normally be Followed by an Impulse to the downside Yeah so unless it now puts in the fifth Wave to the upside And ideally breaks above the 17.6 Cent Level the wave e High here which is Basically the Wave 4 high Would focus further on the downside Signal that we are breaking further down Would be a move below 15.6 cents a move below 15.9 this low Would already be a strong indication That we are breaking further down yeah What would be the target I mean
We need to be we need to be clear here This could have been the law yeah I mean Primer expectation fulfilled ideally I Would like it to go a bit lower because That's sort of what the target suggested But yeah you know it made it broke out Of the triangle this here the yellow Line was the height of the triangle yeah We measured that in a previous video Said at the breakout point you know we Could get to this area I always warn you Know sometimes we don't really get there You know this sort of those trying the Targets they are sometimes a bit Chaotic I would say Um but I think we moved down quite Strongly and What you would normally get after a Triangle I mentioned that regularly as Well when you break out of a triangle Either way Elliot wave triangles you get a very Strong move and this was arguably a very Strong move And it could very well be a very Impulsive move So that basically confirms everything I Said before This looks like it was Most likely at the moment only a wave One so a wave one of this wave five this Was wave one this was wave two which is Totally fine because you know it Retraced basically to the 78.6 flip
Level perfect for a wave two if it now Comes down in a wave three let's measure The target for the third wave as well So the target for the third wave would Be 14.16 cents yeah Um and the target for the fifth wave of Five That sort of textbook Target would be 12.3 cents so at the moment in summary I Have no evidence that the low has been In yet Um yes quite a strong reaction but very Clear only in three ways and unless we Now put five waves in I will focus on The downside here continue to focus on The downside yeah if you if you extend This trend line you can see we haven't Even broken that trend line so we're Still below that focus is further down Unless we're ready in five waves so what You need to see for a possible breakout But at the moment is quite unlikely is We want to see Um One two three four five Let me do a different color here Five waves up and then we want to see an ABC down And then we can say Okay most likely low Was in But it's already getting difficult Because this Wave 4 here came basically Down a bit too much so it could still
Work as a diagonal pattern again these Are unreliable so focus and probability Are still pointing towards another low Okay that's my update about Chili's hope You liked the update if you did please Hit the like button leave a comment and Subscribe and if you really like the Content please check out the channel Membership thanks a lot for watching bye [Music] Thank you