Foreign Video about ethereum quick update here As we're heading into a new trading week I would like to make uh just here on the Very very short term just a couple of Changes to the wave count nothing Nothing significant here Um just move the waves a little bit so I Think Looking at this again I think wave one Probably topped here the Blue Wave one So we've got obviously and I'm gonna Take up these sub waves out because we Don't really need them at the moment Just confuses people Um My view is that this yellow wave one Actually finished here The yellow Wave 2 finished here and then We've got another one two set up here Now which to be fair could already have Finished here Um it depends on a little bit on how We're now moving I said in the previous Video I wouldn't be surprised to see a Lower Wave 2 in blue just because this Is a so-called ascending wedge it's a Rather bearish pattern which doesn't Mean we need to break down entirely but It means that this move up is getting Sort of exhausted Um and we could lose it and then all we Do is probably put a lower Wave 2 in This lower Wave 2 is valid as long as we
Are above 1170 However if we break below 1170 then I Will have to assume that It is probably it was probably the case That Um Yellow Wave 2 was never finished in the Way of something like an A B C to the Downside here and this yellow Wave 2 is At play these are sort of the short-term Scenarios so ideally we are now holding This support yeah the current support at Twelve hundred dollars This is the current Wave 2 in blue As long as we're holding that very short And that's very short-term support as Long as we're holding this very Short-term support and and stay above This ascending trend line Of the wedge pattern we should be good To break out to the upside here of this Inverse Head and Shoulders pattern and Then I would prefer a rally into the Reach around let's say fourteen hundred Dollars First resistance is this range between 11 7 at 1270 and 1290. yeah Um so again breakout signal would be the Move above 12. Here 12 30 I would say right that is the Top of the current resistance area here Of the neckline basically of this Inverse Head and Shoulders it's a very Clear inverse Head and Shoulders which
You know sometimes it's a bit too Obvious to spot so um A lot of a lot of long positions might Get right there I don't know um it all Depends you know can the market push Through with enough volume to make it Work or not I don't know but it is a key Breakup point and if it breaks out from Here it can move the market Significantly higher and generally as I Said before as long as we are generally Above the Eleven Hundred Dollar level Here the 78.6 flip level As long as we are above the 1100 level I Expect generally a rally into that Region fourteen hundred dollars here So it could be short term we come down Once more but as long as we're holding 1100 that's sort of the medium support Medium term support then we can still Move up it's only really if we break Below 1100 then we're retesting 10.75 1000 and below a thousand we're probably Going to put a new low in even below the June low But yeah it could be a bullish week it Could very well be a bullish week Um By the way for everybody who's wondering How could these subwaves of this yellow Wave one work out Um Let me just show you that as well So my view would be that this by the way
That's a very small one two set up down Here One two I think I had that before as Well and this would be a three Hero4 and we have an extended wave five That's how it would work out best and The way 5 itself is a five wave move one Two Um then we have here three the four and A five so wave three is not the longest One here that's not a problem It just must not be the shortest one I'll take it out again don't really need The sub waves Um it is a five wave move up which is Fine Here um wave two down now a possible one Two setup where we are in the early Stages of this Wave 3 rally This is valid again in the very short Term as long as we're holding 1200 if we Break below 1200 then we should hold 1170 and if we lose that as well then We're probably still in the yellow Wave 2 and as long as we're holding the 1100 Level we still have another chance to Move up so yeah it could be a bullish Week but don't be surprised if we lose This ascending wedge to the downside First because it is Considered generally a bearish pattern But let's from the current point of view Also calculate the target for the yellow Wave 3
That would actually take us into the re Yeah well fourteen hundred dollars okay So it's fourteen hundred dollars it's The 1.618 extension and I believe it is Also The ideal Target of this inverse Head And Shoulders if I take the height of That head And add to the breakout Point ticks me As well To just below fourteen hundred dollars Yeah thirteen eighty so that's fine as Well okay now we should be informed About the key levels for ethereum 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