Foreign To another quick update about sillies Um yeah Chili's is still doing what we Talked about in the previous video there Isn't really any sort of major change Here going on or anything Um this is still what it seemed like Before so basically a wave one to the Upside here that occurred in five waves This was our entry point talked Yesterday about two take profit areas Here and it reached a higher one with The accuracy of Whatever 0.1 of a cent then came down it Gave you the trend line said if we break Below the trend line is probably coming Down and I think that's where we are now I think we are heading down this C wave Of two at the moment this will remain my View until we break above the yellow Trend line again So there's quite a bit of a way to go at The moment Um and my view is that in this Wave 2 Obviously it makes sense to consider That as an ABC pattern a correction and It looks like that this is exactly what We're doing I'm going to the 30 minute Chart looks like we peaked here in this Fifth wave of one we're now coming down In wave two this would be the next entry Area that could be used Before we really rally in wave three And
This is based on the Fibonacci Retrievements of the wave one looking at The area between 19.9 cents and 22.6 Between the 78.6 flip level and the 50 If it goes below the 78.6 FIB level it Will already get less likely that it's Going to work out Um but at the moment I have no reason to Believe it wouldn't work out so it at The moment looks like that we came down Here in an a wave we currently when we Did the completion of the B wave and We're now heading down in wave C the C Wave consists obviously of of five waves So we'd be looking at something like one Here two there three four and five to Finish off this overall C wave of the Wave 2. alternatively I would consider This here currently as a wave B triangle That's the other option now with B's can Be triangles but it's the less likely Option just purely because simple Um a b c in a wave B is is more frequent So you know but um yeah nothing stopping Us from printing here some kind of an Elite wave triangle on the chart like a A wave a b c d e and we would then break To the downside this is possible because The price action makes it At least makes the impression that we Are in some kind of a triangle here Which could obviously break out to the Downside that would be the expectation But again it could just be
A b and we're now putting a 1 2 setup in Which would then come down in a Wave 3 Next if we come down in Wave 3 next Um just want to give you a rough Target For the third wave would be 22.9 cents The 1.618 extension but that would only Be a third wave of the wave C there will Be a wave four and a wave five so I Believe this area is quite um And it makes quite some sense Um but yeah that's where we are at the Moment right is an earlier breakout to The upside possible yes it is and the First indication for that would be a Move above the B wave high at 25.7 cents And then we take it from there if we Directly break out any confirmation for That would be a move above 24.5 cents Don't see it yet yeah there is not Really any sort of bullish signal here Also because the move up from the low Was rather corrective so I'm looking for Further downside here and the Confirmation that we move down further Would be a break of the 24.2 Cent level Okay and that's my 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 Thank you