Foreign Video about e-golds last time I covered Eagle it was actually in July Since then not too much has happened Actually we are still in the same range That we were back in July Um You can Go back check the the YouTube video Library here and uh you might find that Video from from July but I'm also going To tell you what I suggested when we get Into this price section down here but Yeah e gold um it's not my favorite Chart I can tell you that straight away It's um in my opinion a rather Unreliable chart it looks a little bit Similar to what Luna did it looks Similar to the avex Chart they are all Charts that are suffering at the moment Here and they all have a very similar Pattern here back in 2021 And it's not a very bullish pattern it's Extremely difficult Um to read the problem is that this Pattern and I'm giving it the benefit of The dog I'm giving it the let's say uh The chance to be bullish but this Pattern can also easily be counted as Corrective and then it would obviously Take e-gold Um to the crypto graveyard now that is Not my primary expectation though but we Need to be aware of the risk any coin
That has such a clear three wave Structure here it could very easily just Be an a wave a b wave and the C wave to The upside yeah That's the problem with this chart and If you have an A B C to the upside You're looking for five waves down and You actually want to get below the price Of the or below the start price and then We're looking at something here below a Dollar so I'm just I'm just warning About this possibility and even though This is not my primary expectation but If a chart has let's call it A pattern like this built in it is not Necessarily a chart I personally would Want to be involved with in terms of a Long trade or holding it as a Cryptocurrency in my Hardware wallet Yeah just just to make that clear Because even though of course there is Significant upside potential if it works Out the problem is if there is a decent Chance that the this chart is going to Fail why why would I want to be involved In that so Um it's just it's just my view but the Truth is as many charts with such a Pattern aren't looking too good today And the question is you know are they Gonna are they gonna come out of the Bear Market in a solid way or not but we Take a look at the bullish scenario in This video we also take a look at a
Possible bearish one The bullish scenario is that eagle Finished its wave one cycle back in April 21 so we had a wave one here and Here we get the first problem of this Chart the only way I can still count is Bullish would be to count this as a wave One That we came down in an a wave We moved up in a massively overshooting Wave B by the way many cryptos did that But Eagles Um well that's a massively overshooting Wave B now this is possible they can Overshoot by 200 percent in very Volatile Market environments so a move Up B to the upside bear in mind that is A time where everybody was expecting 100K Bitcoin And then we um we are looking here at The C wave to the downside And this would be a bullish pattern Because This year the C wave would be the end of The overall correction so we've got an a Wave down we've got a B wave up and We've got a C wave down the C wave is a Five wave move so before we go into the Detail here this is my primary Expectation before we go into the detail What other wave counts are there what I Did consider before but that was even Before July consider the option of Having here one two one two setup that
Would have been very bullish but the Market dropped below that low and you Can't you can't justify that it's Invalid okay so The only option really is here one and Then an ABC but the high overshooting Wave B already I'm struggling with that Because as I said it could just easily Be an ABC and then the Outlook would be Very bearish okay now if we go on the Lock chart this would suggest a very Similar count so I'm quite confident This might be the correct one Um But I still have my concerns now you Don't you know I don't really like to Use the log chart but if there are Elliot wave analysts who use it so it's Sometimes worth checking as well but Here as well you know you can count five Waves up one two three four five yeah in This move to the upside and then I would Consider this an A B And then hit the C wave down that makes Sense as nova shooting with B we had Many cryptos that did that so for me That is a count that makes actual sense Okay so let's go back Talked about the bearish count that Would obviously send us below as I said Below a dollar The bullish count here that I'm going to Go with is also confirmed by the lock Chart so I can I can go with that first
Of all because before we go into the Lower level detail here you can see that In the C wave we've most likely done a Wave one a very long wave one which is Absolutely valid a wave 2 to the upside And then here a wave three dot no one Second the two needs to sit here Um and then a wave three to the downside The way four probably complete and we're Now in the fifth wave down that tells You already what I expect which is Another low end we take take a look at Targets as well but before we go into Downset targets what would be an All-time high Target when he here's the Problem because the wave one is very Weak if I count it like that Um I mean could it be Could it be something weird like and That's that's just one other idea but It's completely unrealistic so I'm not Gonna go with that but it's technically Possible that this was a wave one this Was wave two this actually was a wave Three we come came down in four and this Is a long way five Technically possible yes not really Likely because this would have to be a Way for and we would have retraced way Too much in the way four you know that a Wave 4 would normally not retrace more Than 50 percent so however here we would Have a retracement of the 78.6 percent Flip level so no so that's why I um I'm
Not really a fan of that Um and it has to be an a-wave in my Opinion yeah okay Target however for Next all-time high and again here's the Problem because Um If we draw the fips like that and we Have to assume we go a bit lower but Let's just calculate it from the current Low Um the problem for the next high would Be because the wave 1 is so weak We might only get here to 446 dollars Now that's solid 10x from here The 1.618 extension that would obviously Be the minimum Target but the 1.618 Extension is normally the minimum Target That I mentioned for a wave 3. now the Wave 3 could also go up to 540 the 200 Extension but it may not take us above The wave B high so the problem is here That in the next Um Bull Run we might not easily reach All-time high maybe only in the wave 5. Now from the current point of view That's not too much of a problem because You can get still get more than a 10x Bear in mind these are minimum targets But it still is a concern that wave one Was quite weak so again it's a chart That for me is not too attractive just Purely because of that because they Don't it's not that that much of a clear Pattern okay all right so let's take a
Look at the lower level wave count now That we've talked about all-time high Targets talked about the overall wave Count And interesting is now this last section Here because Um first of all let's take or let's talk About what I said in the last in the Last video so that was back in July we Had the Wave 3 low in and there was a Decent let's call it probability that a Low was in yeah we saw the possibility For Bitcoin as well Um but the condition was that it would Break substantially above the 65 level That was key resistance as you can see With was a fake out didn't break above It and I told you back then that I Wouldn't touch this coin until we break Above that level I probably would steer Because of the longer term chart history Personally not really touch it myself Yeah I mean this is no Financial advice It's only what I would or would not be Doing just because the chart structure Just leaves doubt in terms of the Overall outcome yeah and if the if a Chart is not 100 clear or if I have a Slight concern why would I you know why Would I do it Um but yeah we never broke above that Level And I said in that video If we don't Break it we will probably come back to
The uh June low which is around 38 and We're pretty much there I mean we came Back here on the 21st 22nd of November To 39 US dollars so pretty much there Pretty much scenario fulfilled because The breakout failed so now the question Is how do we carry on I can already tell You that this red candle Um pattern here doesn't look very Bullish So my view is that we probably haven't Seen the low yet and that we're still Chasing another low we are going to talk About Um targets here so what is likely for This chart so I'm considering to count This entire move down as an ending Diagonal ending diagonal um means we can Have overlaps between waves one and four We don't need to have that but Um this sometimes happens or often Happens but most likely if we can count The sub waves as ABC which we can do Here if we count the subway structures As ABC it allows me to count the wave 5 As well as ABC and ABC structures are Only valid in diagonals So the the idea I have here is to count This wave 5 as an ABC Um I am doing the same thing on the Ada Chart So the idea is to have this here as an Um an a wave then we have a b c and b
And we might now just be starting the C Wave and that means we might really just Be starting the C wave and we could Already have here a small one two setup In wave C I don't know how valid that spike is Though Um That's binance obviously so I would Think this is probably Maybe just quickly check Kraken okay Here we have even more unnatural spikes With it with those spikes I always try To count them in But here it's not on bitfinex so see and That's where the problem sometimes comes In with those charts I would rather I Would rather say it looks like an Unnatural Spike I don't even wanna Consider that Yeah See and that's that's where you get a Bit of uncertainty I would rather for This video disregard it Um and say that with B peaked here at 47 Or 46.60 Um so that in this B wave we have a Fairly clear A b c itself And then we're now heading down in five Waves and the ideal Scenario would be to to come down in a Five wave structure now One two three four five yeah I mean the
Other idea would be that this was only a One two and we're now coming down in Three then there would be a four and a Five that's possible as well because I Mean we can also find waves waves we can Also find ways to count Um this not as a diagonal because as I Said normally in a diagonal you would Have an overlap between waves one and Four it's not an absolute must Um But then I would I would need to count All of these as five wave moves and Again it comes down to interpretation What I try to say is That I don't necessarily need to count this Last leg down as an ABC I could just Count it as a five wave move one two Three but then there would be probably Another four and then another five so we Would probably come down a little bit More Okay so what would be the target for the C wave down so we can do that in terms Of going to the high of the um the Beginning of the wave a there yeah Go to the high which was here on balance At 65 dollars And then we take the length of that Just need to pick the right tool We pick the length of that and when we Go to the high of the B wave which I've Got here at 64 sorry 46.50 and an ideal
Target would be the one to one ratio so That is what I would currently go with Now anything between the one to one Ratio which is at 21.76 down to the 1.618 extension at 647. it is currently not possible to Specify that any further because I don't Have a very clear view of the Subdivisions here yeah technically all It needs to do to fulfill this fifth Wave requirement technically is to go Below the low of the wave three that is At 37.85 but the ideal structure would Point towards 21.76 down to six Um 47 yeah and you know in future videos I might be able to specify that further We need a clearer view of the Subdivisions here to Define that in in a Better way but this is sort of broadly What I would go with at the moment in Terms of targets so that might mean Another 50 percent drop here Um right what else to talk about I guess This is the most important Um the important outlook here that there Is still another low when would this be Invalidated well it would be invalidated This particular wave count if we get Above 64.90 so above this way for high that is When we would have to consider something More bullish but I can currently not see Any kind of bullish pattern emerging I
Mean again you know you can get away With Um if you want to interpret this because There's always a bullish scenario as Well right but How likely is it so the Bullish case here for me would be to Count this as some kind of a leading Diagonal a wave one then we came down Here possibly in an A B C pattern And then we would need to move up but Then the move up from this low here from The 23 Second or 23rd of November isn't Really impulsive so I'm losing Confidence in that so yeah I mean again It all it all um comes down to To get more confident in a bullish count Here would be that we need to move above That 64.90 or 65 dollar level Um maybe one more thing just want to Talk about where is the 88.7 Fibonacci retracement level that Usually gives us a very very good view About is a coin at risk and if we draw The fips to the high of the wave one and I would have to start on at zero because This is really the first larger cycle Um but you can see we are still above The 88.7 flip level above 28 dollars so That might be some more support on the Way down that would be pretty much in Line with that Spike back in August 2020 Um I'm not however you know not 100 Confident in this this is how you would Measure the fips based on the elite wave
Method Um if the count is like that however if We for whatever reason have the wave one Up here then we've dropped below the 88.7 flip level now again I told you This is not likely that the wave one is Up here but you can see and that is why I'm considering it as well that actually The chart has adhered to this flip level Very nicely and we are comfortably below It yeah which is not a good sign and That's the problem with the chart that Has these overshooting wave uh bees yeah We drop below it and we're retesting it From below a few times here which is not Very not a sign of strength I just Wanted to add that but yeah looking at The my main count the 88.7 flip level is Actually at 28 dollars so um that I Would I would look at that in terms of Additional support if we come down so Maybe an additional possibility to Bounce from here before we even get into The yellow support area Okay Um yeah that's my update about Eagle I 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