Foreign Welcome to another update video about Silly is certainly one of the more Interesting charts in crypto at the Moment already talked about it a few Days ago that we had a long trade set up Here on the chart and it currently at Least is delivering yeah it currently is Delivering so we took a look at the take A look at the long term chart then look At the short term Um I did explain already in the last Video that this is at the moment one of The better charts yeah many charts Aren't really delivering at the moment Chilitas yeah Um we have the situation that we have Here a wave one to the upside in March 21 so the impulse to the upside Wave 2 Correction might have bottomed in May That is currently the primary Expectation that we've bottomed and We're now working our wave up uh wave Our way up into wave three where the Target of that yellow third wave Would be around 1.60 roughly right Um Looking wait at the minimum yeah Um we are now in this third wave that's The expectation and if we now zoom in Then within this third wave of course You know we will have several Subways Nothing is moving in a straight line Things like that so please always
Consider that that seems to have Frozen Now no okay so we're now on the daily Chart here zoomed in Um if I look at this chart now and I Think I need to go to be honest to the Four hour chart So this is the four hour chart we Already mentioned in the previous video That we had broken out Above This Descending trend line that I just that You just saw on the the um longer time Frame chart so this was already a Bullish breakout above that trend line And then most importantly we had here Um A swing low In possibly a wave 2 which is always a Good setup so one two setup but anybody Who missed the entry here that was on The 9th of November which to be fair did Go very fast Um had a chance to go along into in this Yellow support box this is what I Highlighted on the telegram and Discord Signals Channel a few days ago and also Here in one of the last videos we talked This is a tradable long trade setup of Course never Financial advice you know You only make your own decisions but it Is still a trade setup and um looking at This what we did to determine that was We took the length of the wave one here On the chart and we came into support we Came to the 61.8 percent FIB level he
Had 17.8 cents turned around here so Anyway in this support box moved up and Then in the previous video I think in The previous video we had already left That area And we only had three waves so far Highlighted in blue because that's what You're looking for you're now looking For evidence that indeed we are moving Higher after we found support in the Reversal area Um we're now looking for further five Waves up we now have them and that is a Reason why I make this video because in The previous video we were just stuck in This triangle here yeah we talked about That this is most likely going to be Some kind of a bullish pennant And that we need however to confirm that A breakout above the previous wave one High which we have seen now and this Puts us in a position where we can count Five waves and The fact that this is a triangle makes It likely this was a wave four and yeah We are currently putting in five waves Which is good so that means very shortly This should get exhausted and we see a ABC to the downside basically the first One two setup in this wave three already Mentioned in the previous video the Potential for this Wave 3 is around 30 Cents maybe even a little bit higher Next key resistance is so obviously
First of all this not going to happen in One straight line I think we're going to Come down a little bit in a wave 2 and We'll then move up in wave three three Of three Um key resistance will be around that 30 Cent level here that's the wave B high So we might get stuck there eventually And not go through but um It's important to understand that we are Now delivering here on this bullish Potential and this could overall yeah Really deliver this sort of larger Yellow wave three of course it will take A while but we are more possibly in the Very much in the beginning of it so I Already Um I'm already in Chiles anyway you you Talked about that before Um took some profits higher but didn't Close my entire position so still Involved in Chiles here waiting now for This bullish potential to play out and Um yeah this is really everything we can We can sort of say here about the lower Time frame Um generally what you can see as well Is that we have a bullish crossover on The macd so this is a bullish signal on The Daily And on The Daily RSI you also had a Bullish crossover so we crossed above That moving average And we are not yet overbought which
Means there is still scope to generally Move higher in this particular movement Which is great the four hour is still Increasing in momentum on the macd and Also also the RSI is not yet overbought No bearish Divergence everything looking Good so far with this chart and Um yeah anybody who likes to trade here The next micro setup will probably have A chance uh when this wave 5 tops and There is no evidence it has topped yet How can you find out it's topped well Just use a trend line I think when we Break the trend line as a good Indication that this wave 5 has stopped And we are then looking for the next Support area so I will make this one Smaller Yeah Um we're looking for the next support Area I obviously I can't I mean this Wave 5 can can move higher right Absolutely but let's say just it has Topped Don't know that yet but to give you an Indication for the next support area it Would be between 19 and a half and 21 And a half cents I'm gonna put that onto The chart now but it may move up if the Wave 5 pushes higher as well so this Would be the next support area Um Where we get into right Um and a possible Target maybe to finish
Off the video here for this Blue Wave 5 Would be so we take the length of the Wave one And we go to the low of the fourth wave Which we'll see the end of the triangle And Um the first Target is basically now Reached 25.3 cents okay one to one ratio Perfectly reached so we could turn Around now but there's no evidence I Think we'll get some evidence if the Trend line breaks the next Target if it Really pushes very bullish then it could Even reach here in this fifth wave the 27.3 Cent level Okay that's my update about chillis 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 then please check out The channel membership thanks a lot for Watching bye