Foreign Video about ethereum so ethereum is Doing what we would like to see it's Reached now the resistance or the Descending trend line resistance level Of this well yeah channel of this trend Channel to the downside we talked about Various possible options here in the Previous video how the higher level wave Count would work out now or could work Out Um we still have on the chart here the Primary expectation to see one more wave Down And I think we are going to see a bounce From here yeah it could very well go up That would be a bullish signal though if We break through the channel it would be Bullish and I would make the alternative The primary yeah I said that before if We get impulsively above the 1200 level Then the alternative will become primary I think it is already very likely that We're going to see a more substantial Move to the upside here and the reason Is because the lower level wave count of This Wave 4 what I have currently Labeled as Wave 4 it is a five wave move Already this is a five wave impulse Which is playing out here on the lower Level um time frame so of course you Know just because you see five waves Into One Direction on a lower time frame It doesn't mean that we definitely will
Go up further it will be however it Shifts the likelihood towards something More bullish Okay because that is what um The elite waves allow us to understand Really key support levels and when a Trend is Shifting earlier than most Other methods because with other methods You would definitely need to wait for a Breakout this already tells us that we Need to watch because it's actually with Five waves up it is just very unlikely I Mean it's all interpretation right but Looking at it on the lower time frame it Really looks like five up that makes it Quite likely that this is either I'm Still not going to change the primary Expectation just because I want further Evidence right but it could either be a Wave a which is five waves it will be Followed by a b wave down so I do expect The Bounce from here anyway because We've reached the channel resistance and Then a c wave up It could take us into the region around 1300 maybe even higher okay Um and that would then be a first call Would be that this is just a higher Um degree wave four okay so that Actually this Wave 4 from here Which we assumed was in here is actually Not in yet it will be in here and then We start to move down afterwards Um
Alternatively this is actually the Turnaround already yeah so that the Wave 2 was indeed in here as originally Anticipated and that we are now moving Up here in a one two and the next move Up would be a wave three so those would Be the sort of short-term bullish moves And the last one I just showed you would Actually be the the breakout which is Still possible which nobody really Believes in apparently I'm still going To show it to you because I still give It let's say a 55 roughly you know this Is sort of Um personal just sort of if you Understand how I feel about it but I Would still give it a 55 probability to See here the Wave 3 play out until we Drop below a thousand dollars when this Probability would massively reduce okay Um Because we've been looking here at Bullish option options for a while now That's exactly the reason why I've left My two long positions open actually Um so yeah but this is interesting If we go down exactly now and make a Lower low then this would be the way Five the lower wave 5. So three options I'm gonna take you Through in what I believe is most likely And just again just a summary so Highest likelihood in my opinion and I Should maybe really make it primary
Expectation already I'm not doing it Until I see further Evidence though Um because I don't want to change Scenarios all the time but if you know This is the most likely one then You know it Um most likely one is generally a Further break out from here Yeah if this will be the real bullish Option or just a higher degree Wave 4 I Can't tell you that that is uncertain at This stage because we don't really know It yeah we can only really trade what's In front of us and we can currently see Five ways up which makes it less likely That it is this way for which would Result in a lower low in fact it makes It more likely that this is some kind of An impulse and we're going to see a Three wave move down now and then we'll See another impulse up and then it Depends on the structure that follows That if it is this way for or if it is Something much more bullish Um so it all depends on the retracement Now There should be a retracement either way It depends on now how low do we actually Come yeah how low do we actually come And then we can make a judgment yeah so If we now come down impulsively it would Point towards another low in wave five If we hit the one thousand dollar level This will be another Trend reversal
Point another decision point where we Could still have another chance to Rally Okay if we come down and hold the 78.6 FIP retracement which is at around one Thousand one hundred dollars yeah maybe A little bit lower but if we hold that It would be a rather bullish signal now If that is only short-term bullish Or long-term bullish that is what the Next few days will probably show us but It would be a bullish signal and that Again that's what I mentioned many times The bullish scenario or even a Short-term bullish one which might Eventually turn bearish but even a Short-term bullish bounce is absolutely Possible from this range okay Um and exactly because of that I've left My long positions open however those two Long positions which are entity around I Think one at 11 30 one at 1200 roughly Those will get stopped out if we go Substantially below one thousand dollars So yeah it's exciting it's interesting We are still in the channel I would Either way expect a bounce here if we go Through here it would obviously be even More bullish Um but even here this five wave move Should slowly get exhausted you know Someone calling just that Um but yeah this is currently how it's Looking like and that's my update about Um eth so it's looking interesting hope
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