Foreign Welcome to another update video about Ethereum so the current scenario still Stands you know the one that we talked About in the previous video Um still wanted to talk a bit a little Bit about a few details here but let me Just zoom out a little bit because we Haven't done that for a while just to Talk really about the higher level Pattern here just to emphasize once more The strength of ethereum versus Bitcoin At the moment and that ethereum is just The better chart at the moment is the More reliable chart the view is still Here that this was a wave one to the Upside we came down in three waves into Wave two support and we are now in Wave 3 to the upside this Wave 3 could take Us to three thousand dollars maybe even More but it's not going to happen in one Straight line as you can see here it is Subdividing into five waves as every Third wave should normally do normally There are exceptions but normally five Waves here wave one And the assumption is that we are still In the wave one there is a chance it's Now over but we talk about that Wave 2 Down wave three up wave four down wave Five up this Wave 2 is exactly what I Will scale in Yeah because this is the wave two I Don't know why it's over here now
But this is the support that I will use To scale in this is based on Fibonacci Support levels and this is the support Level for the Wave 2 calculate it based On the Assumption we've topped now Because I need to base it on something But my primary expectation is not yet That we have topped in this wave one so Just to re re you know confirm that Again right that from this green support Area down there which we had between 11 30 and roughly thirteen hundred dollars We started in my opinion a very bullish Move in a wave one next we should be Coming down in a wave 2. Now there is in decimal primary Expectations some more short-term upside Potential before we come down in wave Two that is where I want to get Positioned for a very bullish Wave 3 of 3 because the third wave especially the Third wave of the third is normally very Very bullish then there will be a wave Four down and away five to the upside And that should take us to three Thousand dollars then however there will Be a White Wave four down and a White Wave five up and that can take us to Four thousand dollars and Beyond right But what is now interesting or just yeah Let's let's take a look at the lower Level price actually here because There's a few things that are um worth Mentioning and that are possible
So Um one point is that we Based on the elite wave count we have Enough waves to count wave one in yellow As complete I already talked about that On Friday and that is why I decided to Take profits at around 1620 1625. Um didn't sell all my position of course Not but I decided to take some profits Because I told everybody we could have Topped yeah there is no guarantee we Will go higher whenever we have five Waves complete to the upside It could get exhausted it could be over Yeah however Primarily I still think we go higher and Why is that that is because we can count This wave one two Three And here's now you know this is now Where we sort of have different Possibilities but let's say we had Um we are currently in the way four in This triangle and then there will be a Wave five up that's sort of my primary Expectation right That we are here in this triangle Pattern that we're going to talk about In a minute but there's also the Possibility that we had a wave 1 a wave 2. This was Um away three this was already the four And then we peaked here in a wave 5 with A slightly higher high around 1675. the
Problem is that the minimum requirements For this move to the upside 4085 are Complete that is why we have enough Waves now to count this wave one as Complete it's not strong enough that Wave 5 however to make it very likely That is why my primary expectation is Still another high and because we Haven't broken below 1460 which is the Support for this current waveform so I Hope that makes sense Um so with this you know this is the Problem the higher you go in these Movements yeah without the strong Retracement the more exhausted it gets And as soon as you have the wave pattern Complete which it is because we can Count five waves we need to be ready for That Wave 2 retracement Um but again because this wave here Wasn't strong enough the wave that Peaked at 1675 here yeah I am only Counting this as a b wave So this is very important Um Yeah and as long as we are above 1460 Generally in whatever pattern develops Here we can still look at one more wave Five to the upside only below 1460 this Is not gonna work out Because below 1460 we are dropping below The 50 Fibonacci retracement and then That is typically not a way for any more Um there's a few things I wanted to talk
About first point here is this trend Line we can draw a new trend line which Hasn't been broken yet yeah Um again there's a couple of ways how This can be drawn but this has not been Broken and this could develop as some Kind of an ascending wedge which is not Great because this is a possible Reversal pattern but I think more Important is here this support line down There so keep an eye on that also Looking now at this pattern here this is Still what we talked about in the Previous video that Um according to the primary expectation We are still here in the way four Um just because the wave 5 wasn't strong Enough so I have to assume there will be One more wave five here and this was Only Um one of the sub waves but the idea is That this way for Develops currently as triangle at the Moment this is working out nicely so We're saying that From this peak we came down in an a wave We moved up in a wave B we came down in The C wave in the previous video I told You that C was probably finished We're now in the D wave that would be The assumption And then we come down once more in E Before we break out to the upside Here in this D wave we could be and I go
To the one hour chart now Again we bounced off the channel I Showed you in the previous video this This Channel and you can see how Relevant this channel is in which we Currently are said as soon as we break Above the channel it's an indication That wave D is ongoing yeah Um however it might be ongoing already We just don't have the evidence for it Really but I'm thinking what this could Be from the wave C low to the waved so The wave D is a three wave move so it Could here be a b c that's sort of how I Think this could work out now we'll move Down in D and then a push to the upside In a c wave before we then come down in E very important now this move down Needs to stay above 1546 or we just have to reset wave C and If we go below the low of the wave a Which is 1500 and this whole triangle Isn't going to work out Um again the channel here is important a Break above the channel could take us to This wave D we can now calculate a rough Target for the D wave based on the Length of the a uh based on the length Of the B wave We can go down to the low of the C wave And the target would be 1654. let's see If we actually get there yeah so this Would work out probably based on the
Proportions would work out nicely so This is where we are currently with Ethereum important again it it must not Drop below 1460 in general The levels I just gave you are all based On the triangle of course the triangle Has no guarantee this is really a Triangle currently looks like it but it Could also become something different Um but important just important is the 1460 level whatever happens must not be Broken or we are morphing into this wave Um to support area which might change a Little bit depending on how high we Actually go but I can now give you um a Rough idea of where that Wave 2 area Might be if we come down now and It would be between the 50 Fibonacci Retracement and the 78.6 so between 1434 And 1296. Yeah this would be the area for the wave Two so I would scale in here again as I Said before probably with some leverage As well Um but yeah Other than that a day without a lot of Action today Um tomorrow midterm elections in the US Thursday CPI data will be an interesting Week Okay that's my 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
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