Foreign Is obviously coming down Um we saw that coming after it dropped Below 20 cents and did not deliver any More on the bullish wave count or Potential I got out because I was I did Go long at around Can't remember 21 and a half cents in The support area I did plan to add Another long position around 20 but Didn't and when it dropped below it then I got out of the other position just Because Um it was expected that should we Sustain below 20 cents we will most Likely come down further and also Ethereum and Bitcoin are and were coming Down So it just made sense to get out of this Position and reset lower and wait for a Lower entry at the lower trading range So overall however this chart Um could still be considered to be in a Larger bullish pattern it is still one Of the better charts but we'll probably See something around well I would say 12 To 14 cents before we before we do that Before we go up again okay so overall Um It's the high level chart we look at a Wave one here which was an Impulse back In March 2021 we then had an ABC Correction came down in Wave 2 here in May 22 and since then have started the
Wave 3 that's at least the current Assumption but in the Wave 3 and by the Way maybe Target for the Wave 3 as well For everybody who is interested So roughly Doesn't need to be 100 exact here not For this larger wave So Target would be 1.67 for the larger Wave three it could even go a bit higher Could go to two dollars and four for Example that's 200 extension then There'll be wave four and away five that Could go higher that could go to around 265. the 2.6 Um one eight extension that would be the Textbook Target but they can always move Higher and this is only the target for The next all-time high So looking at um Looking at the lower level wave count I Did mention it before I mentioned Yesterday that should we or the day Before should we go below 20 cents then This imminent Um because there was an imminent bullish Breakout pattern that we were working on Here that would then lose in probability And potential because the idea was we've Got here our one two setup yeah but the Idea was that the Wave 2 was in here It was the low from the 9th of November And then we had another one two set up But we're coming down too much and it Did not hold the 78.6 FIP lever and
Therefore Um it was time to get out and I think Therefore what we have here is a larger Corrective pattern which is now playing Out a W X Y Where you can say that this year Was the wave W this year was The Wave X And we're now coming down in the So-called y wave and This so-called y wave consists of two no Well three waves A B B from if you look At the daily chart you can very clearly See that it is a corrective wave pattern However we picked here very nicely as a Long entry the absolute low from the Um From the A B from the B wave within the B wave yeah and um it then moved up and I made you aware when I took profits up Here didn't realize all profits though And there are plans to enter here again In the wave 2. so basically having a one Two one two setup but for that it now Came down too low anyway and therefore Um yeah again it was time to get out Already at 20 cents and that is what the Elliot waves help us to understand so Well what are the invalidation points And therefore stop losses can be set Very very close to um To support to hold the Minima to hold The risk minimal Um and then we are coming down now in This C wave of Y
And we can calculate a possible Target For the Y wave in that we take the Length of the wave w We added to the high of the wave X and The first Target where the one to one Ratio is already over but the second Target would be 10.4 cents actually That's the 1.618 extension So around 10 cents a bit higher That's the target if I've calculated Like that Um another Target would be to calculate The length of the C wave Which come which is the same but it's Just a different way of getting a Target And here the most likely Target which is The one to one ratio is 12.4 cents so Somewhere between 10.4 and 12.4 that it Goes down to the 1.618 extension at 3 Cents I think is unrealistic if it does That this imminent wave count would be Invalidated anyway Um and then we could have a look at This from a point of view of the Fibonacci retracements and if we do that Then my target will go down to 12.3 Cents maybe 10.3 that's the 88.7 flip Level but ideally it would reverse above Um the 78.6 FIB level so it could Already find support at 15.6 Um that's a 61.8 fib level that's the Next support level Because we lost the 50 Fibonacci Retracement as you can see here at 17.9
Cents and the next one would be the 61.8 At 15.6 it would be enough for a wave 2 It doesn't really need to go any lower But we've recently seen that a lot of Cryptos came down to the 78.6 percent Flip level Um It's only if it gets lower than that Then the Wave 2 gets unlikely so these Will be the support levels and from here Then it could start and rarely in a Third wave let's see there's a lot of Sentiment going around you know people Are interested due to the World Cup so Let's see if it has an impact okay That's my update about Chile 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 Thank you