Foreign Is possibly turning around it's of Course a bit too early to confirm that We can make it very short here I Mentioned in the previous video that This move down looks pretty much full You never know exactly when it's going To turn around therefore it's basically Nearly impossible to pick the absolute Low for turnaround but if it's turning Around now I think it would have been Quite good yeah we identified here Um The Wave 5 is being very close to Being finished or even being finished And in the last video we talked about This descending trend line here in Yellow which then also broke now and Quite an impulsive move to the upside But a little bit too early to confirm That we are already in the breakout but Certainly a good first signal um Chili's Is Um in a possible breakout pattern just Now yeah if I zoom out this is the the Larger degree where we moved up in a Wave one and came down a wxy pattern Here into the forecasted area remember When we broke at the time here we broke Critical support I think it's 18 cents Or something Um I wasn't a long trade back then and Um got stopped out I I I left uh the the Long trade because it was clear after Dropping below a certain support level
That we would drop quite a bit lower Into the 14th Cent region 13th 14th Century and that's also where we came Down to and here we have now a good Chance to to turn around it would be Ideal Or would have been ideal actually to Come down to the 78.6 FIB level 12 and a Half cents that would have been a nice Um support level yeah finding reversal At a fib level Um but then on the other hand we were Quite significantly oversold Um we need to see now I mean it is a bit Too early to confirm the actual reversal And um in the current price range but as Soon as we get about 15 and a half cents I will assume the low was in at the Moment we have initial signals But nothing substantial yet all we have Is a nice impulsive move above and the Trend line here break off the trend line But no retest has happened yet yeah no Test of a support area has happened yet And all we have is a little bit of a Rally so of course it's a little bit too Early to to confirm that um Effects let me see it's double I mean Yeah maybe we had to wave five in here And then possibly moved up in a one two Setup and hit the wave that can't be Away three so it you know there's Different possibilities we can say we Had a um a one two three four five move
Down here or the way five is sitting Here and there's just a one and now we Get a two this is really micro counting And both possibilities exist you know it Is what it is Um what is important now is in any Retracement in any retracement from now To hold the 13.56 level that's the 78.6 Percent FIB level of this move we need To hold that whatever happens if we Don't then we'll probably make one more Low into the 12 and a half cent region Nothing bearish on this chart until we Drop really below 10 cents so Um that's really the key level for me Here down here is the 88.7 flip level at The ten and a half cent level going down To 10 cents I just rounded it down a Little bit but it's basically the 88.7 FIP level going below that it puts the Entire chart into a bearish context but Yeah if this works out and we push above The resistance then we could get a Wave 3 rarely to the upside let me just zoom Out and we talk about targets here for Away three Um from the current low We're talking here about the target of Around Um yeah 46 cents I think it's not too Bad and Um let's see if we get a bit of a of a Move to the upside here it certainly is On the indicator side also quite low
Because we had quite a strong sell-off Not anymore in the four hour necessarily But here on the daily chart On the daily chart we are about to Create a bullish crossover on the macd That's a good sign where we haven't got It yet but we might get it and also here On the RSI we might get the Buddhist Crossover We are pretty pretty low on the RSI on The Daily yeah the last few times we Were at around the 30 level here we had Significant moves to the upside that Followed so it would rather support my View that either we've seen the low now Or we're very close to a low Um on the four day it would have rather Supported a little bit more downside but Again if we drop any lower then we'll Probably enter a bearish context in the Chart the good thing is though that on The four day chart we are now at least Attempting to reduce bearish momentum Here it's the first sign that things Might really be changing Um and on the two-day chart you will Probably see that as well yeah already a Little bit further Advanced so you know Things or indicators would support Further upside interesting would be if We get this bullish crossover now on The Daily that's something to observe and Also on the daily chart I mean we Haven't got the daily candle closed but
At the moment it is a bullish engulfing Candle yes or also a bullish possible Bullish reversal candle of course they Don't work out all the time up here it Didn't yeah I need to say that very clearly as well But it's just one One sign and the difference is though Also if we take the context into account Up here yeah my view was quite clearly That we were still in the way four so The bullish engulfing candle wasn't Really I didn't pay much attention Because my view was we were in a way Four and would come down lower so here Now we are pretty much at the end of the Fifth wave so can turn around at any Time so signs like that signals like That are certainly worth looking out for Also we have slightly increased volume And on the four hour we obviously have Bullish engulfing candles as well okay And that's my update about Chile so Hopefully you like 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 also make sure you Follow us on Instagram and Twitter you Can find the links in the video Description there's additional content On there that you won't find here on YouTube Um and also um yeah if you're interested
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