Foreign Obviously we've got some events going on In the football world so Chili's is Getting more and more interesting However the overall chart here still Hasn't really changed since my last Update we're hovering around the 22 and A half cent area I wanted to start the Video just with some all-time high Targets should we make it to a new All-time high and should we break above The one dollar level which is this wave One high so wave one and Elliot wave is Always usually an Impulse it can be a Diagonal pattern but usually an impulse And it would um it usually goes into the Direction or it does go into the Direction of the higher level Trend Which means as we're currently counting This move up here as wave one this means The overall trend on the chart is up now That is the very long term trend of Course we've got some short-term Trends In here as well but if we consider this Spike which was back in March 21 as a Wave one the last low here which Occurred at around six to seven cents in June or May it was actually as a wave 2 Then the next wave up should ideally be A third wave a wave three so you might See actually the rain hammering against The window we have again very good Weather weather here in England today so Please excuse that but it might actually
Calm the calm the nervous mood in the Crypto Market a little bit Some rain background Um but anyway we are looking here at the 1.618 flip extension in the Wave 3 which Would be the all-time high Target that Is at 1.62 that is quite a decent Increase from currently and I think Looking at the chart I mean this could Happen fairly quickly in a let's say a Hype environment as you can see how Quickly it did rise back in early 2021 Um of course you know this is Speculative how long something takes so I can't promise it to you but it's just That that you know if if a Wave 3 really Kicks off it can go fast Um are we generally in an environment That would allow that well that's Exactly the the reason for generally Concern obviously you know with the um The recent issues we had in the crypto Space and we still have so it's Something to to be aware of that Obviously Um the new let's say new investors that Might come in they are a bit doubtful You might actually have to wait a little Bit longer now that new people come into The space whereas some actually see it As opportunity with low prices generally But I think the general message needs to Be especially with altcoins just be a Bit careful right and obviously use your
Hardware wallet or software wallet and Not leave anything on exchanges that you Don't need to hold there buddy okay if You see this as a wave 2 basically an ABC correction that came down bottomed Out then we could say we are now in this Third wave but within the third wave Obviously we've got our sub waves and We're currently exploring if this here Is a lower level lower degree five wave Pattern to the upside that could be Unfolding within that third wave in Yellow and that's exactly what we're Looking at here Um At the moment you could argue that Within this yellow wave count obviously You have your sub wave this you can Count as a wave one which peaked in September at around 28 and 29 cents and We then came down in an ABC correction The latest drop here on the 9th of November triggered by FTX that was um Then possibly the wave C low at least That is how we can currently see it we Had a nice reaction actually to that Support here at 15 cents and since then Have been moving up and this could now Be If we now look at the scenario that we Might be in a third wave so basically The third wave of the third yeah Um In this third wave of the third
We again have subways so you can see That the increase from 15 cents to 23 Cents was actually quite impulsive so I'm counting this again as a wave one This here is a wave 2 dip and we could Not be in the third wave to the upside Um here I'd identified a support area For you basically a long trade area Which so far has worked out and we have Increased since then we moved all the Way up to nearly 24 cents but we have Not substantially broken the wave one Yet so let me go to the one hour chart And we see a bit more detail But the point is that this increase is One of the few coins that actually Increased in five waves here which is Rather bullish then came down in wave Two we've been holding support here this Support box and we are now moving higher But at the moment we have not as I said Substantially broken the wave one high Yet that's breaking it and that would be Sort of the 23.8 Cent level breaking it Would be a signal that we are actually In the third wave to the upside in Orange and I can give you also a target For that wave but provide it and that is Sort of the condition that this holds You know that this is working out is That the Wave 2 support area holds and This goes down to 16 and a half cents Um So yeah between 16 and a half and 19.8
Cents basically but the target for the Wave 3 in Orange would be around 32 to 33 cents bear in mind there is strong Resistance probably at this wave B high Around just below 30 cents Um but yeah this is sort of at the Moment what we're looking at and also if We zoom in further this could be a bit Of a let's say a bull flag that's Forming here or a bullish pennant some Kind of a let's say a triangle pattern Here that's occurring I mean generally It certainly has a chance to move up Especially with the let's say the let's Say fundamental things and the the Sentiment that's going around the Football world so there is certainly Some some opportunities to move higher It should however not drop below that Wave too low ideally that's below 18.7 Cents ideally it's holding that level Um and then if it drops below that it Needs to hold 17.8 and if it drops below That it needs to hold 16.5 but then Every support level that gets broken Reduces the likelihood of a successful Wave 3 to the upside but from from for Me at the moment you could say the trend Is up especially as we have broken above This yellow descending trend line yeah You can see it coming down here what Trend line is that that's the trend line That is running from the spike in 2021 All the way down to today by connecting
Here One two three touch points down there And we broke it recently so you know you Could argue we are sort of at least in a In a short-term uptrend here and we Certainly have a chance to move higher But we also need to say if the Especially this significant swing low at Um 16 cents which is around about the lower Support of the yellow box you know if That breaks then this whole pattern Might actually not work out and see but If we break this significant swing Though I think then we have a good Chance to come down to seven cents again And if we come down to that level we Might as well do a new low actually but For now we can focus on higher I think It certainly has a potential to move up From here but obviously we cannot root Out at this stage generally with the Inside and certainly that's going around A breakouts to the downside you know This is not an established uptrend yet Um but certainly a chance it is a Potential and that's all there is you Know in in trading really at the moment Um especially in the crypto world now if We lose a look at um you know there's One more thing I want to look at which Is sort of the the yellow line here That's coming up which is the moving Average the 50-day moving average we
Have also broken above that and we're Currently holding above it so also that Is another indicator we're in a sort of Short-term uptrend we've just broken Above that which is um yeah usually a Trend filter but we need to certainly Establish ourselves above that now and Then we can move up in wave three but Again be aware the wave B is resistance There around 29 to 30 cents yeah 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 bye Thank you