Foreign Welcome to another update video about Ethereum a lot has happened in the Markets in the last couple of days Ethereum drops a little bit further yeah And I now have to get rid of the Impulsive counts yeah Um we go we now go to the Um to the diagonal counts and the idea Of having here one two setup here one Two setup here I want to set up here one Two setup even though it's technically Still valid we can't you know I can't Justify it anymore it would just be way Too bullish it's simply completely Unrealistic and we're going to the Alternative counts that I had in the in The background that we talked about Already in the in the last few videos That this might all morph into a into a Diagonal pattern I'm going to take those Sub waves out because they are getting Um where we don't need them anymore Really yeah and also want to keep the The chart tidy so I'm going to take Those a lot of those sub waves out now And we want to look at what are the two Main possibilities if you've watched Already my Bitcoin video that I have Just released I did make the channel Members earlier aware of the changed Wave counts basically about um Bitcoin And now I'm changing ethereum as well Um this is necessary because we are
Still in a corrective pattern or as we Can see here in a diagonal pattern if You are either in a and I did explain it In a Bitcoin video as well but not Everybody might watch that if you are in Um in a market situation where you have A structure that is either a diagonal Pattern or a corrective wave structure Like an ABC and to be honest in an in a Diagonal pattern you very often find ABC Structures as well if that is the case Then you have to be flexible you have to Have alternative counts if you have the More you have the better it shouldn't Get too many because then you get Confused but um you just have to be Flexible because those diagonal patterns They are not necessarily very reliable And they sometimes retrace a bit more Than is ideal and they don't adhere very Well to the flip levels like in an Impulse in an Impulse our life as Elite Wave analysts is quite straightforward We're always looking for impulses so if Anybody wants to trade most likely wave Patterns and have a higher rate of Success trade only impulses mainly wave Threes are good but if you are in or Even a c wave but if you are in in a Diagonal pattern you either trade but You have to understand that the success Rate might drop which is not a problem If you have your reward risk ratio Properly sorted and everything and you
Set your stop losses properly Um or you stay out of the market Entirely so yeah please understand that You know changing wave counts is Necessary it's absolutely needed it's Crucial we want to stay on top of the Market Um as the market changes and makes some Wave counts unreliable unlikely or Whatever so okay if we say we are now in A diagonal pattern how how is that how Is it going to work out there's two Patterns that are very similar now or Basically the same as on the Bitcoin Chart yeah Um so basically that's the advantage of This it brings basically ethereum and Bitcoin back on one level with the wave Counts and that's great Um So I see this as an ABC to the upside in A wave one that is my main count yeah Let me take those Subways out completely So that's my main count a wave one to The upside of the 22nd of November low We have an ABC here to the upset in wave One Um we came down in a wave two now that Uh was a corrective wave pattern before Anyway it's just uh that before we had One two one two this is morphed into one Larger one tool setup in the diagonal And we are now working on this third Wave to the upside all of that could be
Part of a corrective C wave Yeah so basically the larger Pattern That hasn't changed at all it's just how We get there has changed a b c is the Corrective pattern within within a Larger wave four and we should see one More dip afterwards now that is sort of The idea Um and within this corrective pattern Yeah within the C wave which is so Called ending diagonal pattern Um We've got here five waves of course but The five waves are diagonal patterns and Each of these sub waves consists of ABC So if I in a diagonal pattern can count Wave 1 as ABC I have to be able to count All of these sub waves as ABC structures So we've got an ABC here ABC and then The CEO at the Wave 3 is currently Evolving in what I believe would be an ABC pattern as well so this is the same Count as Bitcoin so I would consider This an a wave currently coming down in A b wave Which we shouldn't nearly be sort of Finishing with and then the C wave to The upside would be the rally so as you Can see it's not much different from my Previous Scenario where we actually had one two Or one two one two and another one to Set up because also here we would have
Found support here as well it's just More important to go to the diagonal Pattern first of all to justify or to Explain that you know this is getting Into critical um well it it's getting Less reliable so yeah so to speak so Those retracements and everything can be A little bit less predictable Um and yeah So this is um and it's important for the Latest for the targets to the upside Later yeah but yeah this is sort of the The main count one two three four five Hasn't changed at all it's only what Happens in wave three and in the sub Waves has changed now what is the key Support level for the B wave well Ideally we are we are finishing now here Somewhere at this uh Yeah trend line support I mean it's not A very well defined trend line but you Have one touch Point here maybe here Yeah he definitely and maybe here now if We hold we could move up from here so we Could get a bounce at the moment it's Not too Um too convincing yet and if I zoom in Where should we find support here for This B wave Well we should find support either Ideally here at 1263 sort of in that Area yeah which is a 78.6 fib level and Should really not drop below 1240 or 12 41 but um yeah other than that it should
Really start moving up very very shortly If this is the correct wave count if we Lose what happens if we lose the 1240 Level well Then um based on the latest account that I also have on the Bitcoin chart we've Got another pattern Which is sort of similar to start with It would be an a wave here and I'll make That a different color in a minute and We would come down in a b wave also a Different diagonal pattern possible and We are moving up in C it's just a Different structure I'll make that the Red count Um the Red Wave count would only produce Three waves whereas here the yellow Count would provide five waves so the Yellow car might be a bit more bullish Short term in both counts I would expect A stronger Trace once afterwards a Strong retracement afterwards whereas The red count would most most likely Really take us below one thousand Dollars in the yellow count we actually Have a chance that we're holding support And that this is already a bullish Breakout pattern yeah We don't know that yet until we have all Those five waves complete but what you Need to understand is if we're in the Red counts if we drop a bit lower and we Get into the red count we can still Ready short term but we have a much
Smaller chance to actually Um create a breakout pattern out of this Because while my expectation is still to Make one more lower afterwards Um if it is going to be a higher low Then we could have a breakout pattern But this is getting much less likely in The red count and what would be the Support area for the red count Can specify that as well That would be go it would go down all The way to 11 25 yeah plus minus a few Dollars maybe let's see between the 78.6 Percent flip level and the 50 flip level At 11.90 so this would be the support For the red Um For the red one and for the yellow count The support we can also add that now to The Shot I just want to make a mistake here So for the yellow count I mean for the Yellow card we're already in the support Area yeah that would be basically in Here so between Yeah it has to be here now you know Between the 78.6 percent flip level at 1263 and 1253 shouldn't really drop Below that in the worst case holding 1241 is fine but then below that we are Most most likely in the um in the red Count okay so yeah that's how I see how I see this Um
Quite volatile again quite choppy we see Bulls and bears failing every few days Um But overall I think the booths are still Here in control at the moment short term Because we are still in a moderate Short-term uptrend Um but yeah if if this all works out in The primary count then the next wave up The Wave 3 should It's quite considerably here Um To the price right it should be quite a Bit of a rally because it would be a Wave three basically a wave C in a wave Three it should actually be quite quite Strong what would be the target actually Maybe we'll we could look at that before We finish the video here the target for The C wave of three we'd be looking at The 1.618 extension 1468 so this overall Already might be finished somewhere Around fifteen hundred dollars yeah That's an update about ethereum 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 please check out the channel Membership Um if you're interested maybe check out The trading course we offer on more Cryptonline.com and also make sure that You follow us on Instagram and Twitter Thanks a lot for watching bye
Thank you