Foreign [Music] Welcome to another update video about Ethereum we've seen her today quite a Bit of a drop quite a bit of a sell-off Nothing too unexpected in the previous Video we talked about this wave count That was already on the chart a b c to The downside Um looking at this C wave down that Could eventually get into the region Around 11 30 it already came down to 1154 so my view is there is still one Leg down missing I think what we put in Place here was a fourth wave Um and these fourth waves they can get Into the region all the way up to the 50 FIB retracement any higher than that Would tell us that it's most likely not A wave 4 anymore and something possibly Even more bullish that we're already Going up earlier but at the moment in This C wave down It looks like we've done four well three Waves only one two three wave four may Be finished you know we already have on The hourly here an engulfing red candle That we can see and it could now come Down in a fifth wave uh maybe towards The the weekend here or the week another The end of the um weekly candle to get Some some volatility also the current Hourly candle is in the red so Um this looks like to me away five could
Be starting soon or is already on the Way and target for that or confirmation For that actually would be a break below 11 54. Um I think already here below the 1170 Level would be a good indication that This has started this fifth wave and it Could calm down um obviously below 1154 That would be a confirmation and then We're looking at a very possible Target Of 11 30 this end of the lower support Box or the lower support of the box and That is the um 78.6 percent Fibonacci Retracement that we've been talking About here around 11 30 11 31 a very Important support level This fifth wave could stretch to that Level and that would be ideal yeah and Then we can get a decision there about If we Um finally start to move up yeah and put The put a yeah well basically finish off This C wave Which is part of this larger y wave of This wxy correction finish it off and Then we have a chance to bounce from There and possibly finally put this Third wave in and while we're getting Closer to that I can give you the target For that third wave obviously seems a Bit counterintuitive that we go down and We're talking about a break to the upset But it's been part of this Um possible bullish scenario where we've
Been waiting for this C wave And the target to the upside for a third Wave would be 1571 the 1.618 flip Extension that is what the market would Need to reach to prove to us that we are Indeed in this kind of bullish scenario First indication for that would Obviously be oh very first would be a Move above this 50 retracement we just Talked about So let me just show you that again Until you need to draw it from here so This kind of um 11 let me just see Wave two Yeah so we've obviously reached here the 30 and one second Okay now if I draw the clips like that I Think I had them wrong I think if I draw The flips like this it really looks like We've already reached a 50 retracement So yeah any move above the 1187 level Would be considered something more Bullish and that we've already reached Um the low here a more substantial one That we will go up but at the moment it Doesn't look like we're gonna break it If we do then it would indicate that We're already moving higher and then We'd be waiting for a confirmation of a Breakout of above 11 30 that would be The next key level getting above 11 30 Would possibly push us all the way up Into this resistance Zone and then move Above 1290 would be a good confirmation
That we are finally in the third wave And reach that um That's Target of around Depending on where we finally come down To but over roughly 1570 yeah Um and then we get away four down in the Way five up and then we have a really Good confirmation that we are in a Breakout pattern because then we have Five waves up what we would then do is Wait for the three waves down that would Be another entry point and then continue To move higher certainly not an easy Market at the moment I can understand a Lot of frustration in the Market at the Moment Um sometimes see it in the comments that People get very emotional about the Movements at the moment some people get Super bored Um but it's part of you know it's part Of the game so any emotions in the Market are not helpful you know that And um we are still in a scenario where Both scenarios are possible bullish and Bearish which means bullish breakout Would happen somewhere above 11 30 so we Should ideally hold that and can then Move up Um bearish scenario would be a triangle Pattern here yeah where we would now Break the 11 30 level and then break 1075 break the one thousand dollar level Even if we even if we make it lower low
Than the one Um here then the one on the 9th of November so below is 10.75 as long as We're holding the 1 000 level it is Still to be considered broadly something That could work out as a bullish Scenario so it's a very very difficult Market at the moment these ranges are Always tricky but again for you know to Be if you want to be smart maybe you Have a trading but running in this kind Of environment or just trade the range Yourself while we're waiting here for a Signal in which direction the market Wants to go right and very interestingly This kind of triangle pattern Um maybe I need to delete some of those Um sort of drawings just to make it a Little bit more accessible and and easy To understand but interestingly I think This this might have morphed into Something either like a Channel or Um maybe even a descending wedge Yeah so it's a bit tricky but it could Become one just be aware of that so um I Know a lot of people have focused here On the downside but while this is Possible this is in no way guaranteed Plan for both movements Um unfortunately there is no clear it is A very difficult environment at the Moment there is no clear Direction here Until we see a signal of the market and That would be either below 11 30 or
Above 1290 but what I can tell you is at The moment this is currently following The possible bullish count the way it's Behaving in that we had this wave one up Currently the wave two down in the Wave 2 at wxy in the Y wave the a b c so That's absolutely uh part of that Possible bullish scenario as long as We're holding above 11 30 we can Entertain the idea but also bear in mind That what I told you is that this move To the upside was not a very clear five Wave move so it was a bit difficult it's Generally a bit difficult but what you Would normally consider this is just a Correction of this move to the upside So yeah it remains very interesting it Is I know a two degree a boring marker But also very interesting because we're Now getting really really into the Decision phase here as we're heading Closer to that 11 30 level so yeah That's my update about the 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 then please check out The channel membership thanks a lot for Watching bye [Music]