Foreign [Music] Welcome to another update video about Chili's quick update here we talked About in the previous video that we've Probably reached here the peak of a Small wave four yeah if it wasn't in the Last video I did update on Telegram and Discord I can't remember to be honest But we certainly talked about this Resistance area here that this was most Likely just a waveform that I would Expect one more low into the 14 Cent Region now we did reach 14.7 cents we Made that additional low Um and however I would still like to see One more tiny low um yeah and ideally Sort of in the maybe the really 14 cents 13 cents into that region we take a look At that in detail in a minute Um but overall Chili's has in my opinion Quite a bullish setup Um bear in mind it's an altcoin so Altcoins are obviously more risky than For example Bitcoin and ethereum Obviously in total the crypto Market is Quite risky But generally of all the alt coins that I cover Chili's has an interesting setup Where we are looking here at a possible So-called one two setup out of which we Should emerge in a way three to the Upside that could reach and yeah we can Calculate that Target as well for this
White Wave 3 there Um Target wise you know for possible Wave three depending on how low we Really go but just roughly we look at 46 Cents so it's quite an interesting setup Just for the third wave that would be Roughly a price Target Um obviously we've got some resistance Along the way Especially here this region around 27 All the way up to 30 cents that will be Um let's say a major resistance area Where it needs to go through but if it Really is in a Wave 3 or gets into a Wave 3 it should really overcome that Okay so it's an interesting setup However there is a price that we should Not drop below if we do it this sort of Bullish setup is not going to work out So if we look at the Fibonacci Retracements now that we broke below 15.8 cents The next larger Fibonacci retracement Level is the 12.47 level so 12.47 cents Or 12.5 cents roughly that would be in My opinion The level below which Um in this Wave 2 it should not drop the Price shouldn't drop because if it drops Below that level it will most likely not Be in a 1-2 setup so this idea of a Possible bullish setup is probably not Going to work out so this is really the Level it needs to turn around in the
Very worst case it could even go down to 10.4 cents but that is less or less a Stronger retracement than ideal the 10.4 Cent level it's the 88.7 FIP level below That level it will be really really Difficult to to get back up it's sort of The Last Resort for the Bulls here to Turn it around but ideally it would be The 12.47 level moving up in a way three Now looking at the shorter time frame Here on the one hour chart we can see That in this way five of C Of Y of 2 yeah so that's how the Sequence Works Um ideally I'm looking at one more low Yeah so we've got here the wave one done Got the wave two done we've got the Wave 3 done wave four probably done ideally One more low here in a wave five Um or Or if we don't get that additional low I Would at least like to see To confirm that a low was really in at Least a move above the 50 retracement of The wave three and then we're talking About basically 16 cents here if we Break above the 16 Cent level it is most Likely not a way four anymore then it's Probably something more bullish and We've actually already seen the Um We have already seen here the the low Right and we already in some kind of a More bullish setup here like this one
Where we've actually bottomed already in The wave five put a double double bottom In place here but um from the Proportions in the ideal wave count it Would be great to see one more low and Also if we look at what Bitcoin ethereum Did sort of they actually performed Quite well over the last few days Um Here there's nothing right and it's Again a great example that coins are yes There are certain correlations but they Are you know they are temporary they Don't always work out so correlations Are not really useful for trading that's Why it's worth looking at each coin and Each chart individually so this is a Rather bullish setup but of course first Of all we need to complete this Correction with ideally one more low and Um I gave you the key levels for that And yeah that's just a quick update About Chili's 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