Foreign Has performed really really well and Yeah obviously there's a bit of a Sentiment shift to the upside now given The World Cup Um it is one of the charts that I've Discussed previously in the Opportunities videos the member only Videos as well as here in videos for Everybody about just that it's one of The the better charts out there that the Low of the bear Market here possibly was In at seven cents it's a similar chart To ethereum in the latest few days on The last few days it's even looking Stronger than ethereum but obviously What we need to remember this has a Shorter price history and therefore just A chart history in there for just due to The nature of it of that chart history And it is higher risk than for example Ethereum or cryptocurrency that has seen Um yes several Cycles already shilis Hasn't got that chart history but it's Still is one of the more interesting Price charts maybe we start with a Long-term view here obviously still a Young chart but we talked about that in One of the previous videos that this Year most likely was a wave one an Impulse to the upside in March 21 where We reached around a dollar we are then Or we then came down in a wave two Basically a large ABC correction or
Possibly even wxy that isn't that Important to be honest Um As we have probably already seen the Bear Market law it has definitely come Down enough for that maybe we can even Check just the FIB levels just to sort Of get a rough understanding and you can See here I mean it's not exact Um but you can see that it actually did Hold that's critical level that I've Been talking about the 88.7 Fibonacci Retracement level there are a few coin Or many coins actually that dropped Below that level Um and that is never good for a coin or An asset it just isn't and it just Brings those assets assets into a higher Risk classification absolutely yeah so We need to be careful with that um any Coin that drops below that level there Are many coins which are below that Level Um and it's not a good area to be in but Chili's and that's one reason why I like This chart it has turned around before Dropping below that level I mean yeah Briefly but this is not important Important is a sustainable break below It and Chili's hasn't had it so one coin That for example is doing that at the Moment is Um V chain V chain has dropped below it And dropped below it I think already in
June and has been staying below it for Months now and there is no sign of Recovery at the moment and this is not Good for a coin When I say these things I always get the Message that yeah for example Ada or Many other coins did drop Be though that level in previous bear Markets yes they did and they did Recover and just because it drops below That level doesn't mean it will die on The flip side though this is the level If coins drop below that it may Massively increases the risk and the Evidence is thousands of coins that died There are thousands of cryptocurrencies That are on the crypto graveyard and That never recovered from that area Right of course there are coins that do Recover and in the first bear Market Coins I would even say are allowed to Drop below that level Um just because of the volatility of the Crypto space but it is still not a good Place to be and if you can avoid or if You can find coins that avoid dropping Below it like binance BNB or chilies Then it's a good place to be yeah okay So I mean holding above it but from that Low in June we have moved up in a wave One that has been the view for the last Few weeks and months here since I Started covering chillies and then we've Seen this ABC correction here and then I
Told you in previous in the previous one Of the previous videos on two of the Previous videos we talked about the Yellow box here as an entry area yet This is a possible one two setup and the Sort of yellow support box here was an Entry area or a trend reversal area I Don't really want to call it entry area Because it's up to you if you enter or Not I can only give you the price areas Where I believe the price is reversing And if it doesn't it doesn't but then You set a stop loss somewhere below that Area because then it will normally be Invalidated yeah Of course these boxes don't always work Out but they are the areas where with The highest probability in an ideal Scenario you want the price to turn Around and it did that and that would Have been a profitable trade yeah so it Would have moved from or it did move Actually 50 in just a few days that is Really really good especially if you Look at the entire state of the market So yeah this one two setup did work out And then we had even here one two set up And small and it has reached away three Target it came here in this sort of Bullish pennant broke out as anticipated To the upside and then yesterday updated You about Two price targets when I made my update Video yesterday the upper the higher
Price Target was reached perfectly with The accuracy of I don't know Ascent or Whatever because we reached perfectly I Just need to double check that I've put It yeah exactly so basically we put the Fips here to the end of the triangle the End of the Elliott wave triangle because This was a wave four so where the Triangle is ending is the low of the Wave four and then you're measuring Basically the Um you're measuring the length of the Wave one And which ended here at around 21 cents And you add it to the end of the Triangle the end of the Elliott wave Triangle You Can Count this on a lower Time frame as an A B C D E and this is Exactly by at the low of the E wave Where you add it to and then you had two Targets I mentioned that yesterday in The video the first one was the one to One ratio at 25 and a half cents and you Can see we had a candle which got Rejected here briefly but then we pushed Through to the second target 27.4 cents and that was exactly the re Uh the Upper price Target and it broke Down I told you in the previous video as Well that one signal when we might be Reversing so these are the two Targets So if we push through the first one we Reach the second one which we did and Then the first signal that the trend is
Reversing if you add a trend line is That the break of the trend line occurs Which it did strong red candle and we Might not be in the move down basically The assumption would be that we are now In this larger upside pattern so Basically if we say the low of the bear Market was already in this Wave 2 we're Now in a larger Wave 3 to the upside And in this Wave 3 we are we have seen a Wave one obviously with two and we're Now in the third wave General Target for the third wave is Around I think 30 cents or something no It's actually higher Um it's around 47 cents the White Wave Three but within that you've got five Subways as well and we are now in the Orange Wave 3 I believe And in the orange Wave 3 We've had um we obviously have five sub Waves as well and I can add these to the Chart now as well because this is no way It's getting relevant and in the orange Wave 3 we've seen here wave one this is Probably a wave two that's coming down Here now there'll be away three four and Five just need to change the wave Degrees here I'll do that in the the Next video Um the point is we're probably now Coming down in this Wave 2 and that Would be in the most likely scenario an ABC pattern
A b c no something like that ABC and the Area to get into most likely that is the Area where I will probably consider Buying in again yeah adding again after Taking profits here yesterday around 25 And a half cents I did take some profits Um of a position that I bought at 19 Cents Um assuming the reversal has now started Which I think it does obviously you can Never really rule it out therefore I Still have something left in the trade Didn't completely take profits Um But but And by the way because people always ask I made everybody away on Telegram and Discord I thought that Um This is the support area where I would Buy in again yeah at the 78.6 flip level Between that area at 19.9 cents and the 50 which is at 22.6 cents this is where This one two setup should find support And should move on of course you can Never rule out that you find it a short Wave too so that would be either 38.2 Percent flip level it can always turn Around there but it would be shorter Than ideal you would normally expect it To get into this region here yeah and That is currently my view about Chile so Um I mean what we need to understand and Earlier than expected breakout to the
Upside would be confirmed if we break Above the 27.5 level but at the moment It doesn't really look like that okay That's my update about chili so I 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 then please check out the Channel membership thanks a lot for Watching bye