Foreign [Music] Welcome to another update video about Ethereum I'm really pleased to see that We have finally seen an ice reversal Um it has worked out perfectly this Entire scenario here We have moved up in this wave one we've Come down in this ABC I updated to you Yesterday step by step about the Movements here and the day before as Well and this has worked out textbook Like for a one two setup we hit the Support area here we then saw this Engulfing green candle Set to you in my last video this could Already be the reverse I mean we hit the Support area of anybody likes to trade These things I mean it's up to you right But I would personally set limit orders In these support boxes because there's Never a guarantee that the price will Stay a long time in these boxes Um Or troll around support for a long time In the most bullish cases for example It's the case that they often just reach Support Go into it sometimes deeper sometimes Not so deep touch it and move away from It and we have that situation we then Trolled sideways and said it could be we See one more low actually yeah that was Actually the expectation because we
Hadn't really moved up but then breakout Point that I gave you for an earlier Then Expected move up was here So um 1182 so anybody who missed this I Could have said a buy limit order here So hope you had some good trades Yesterday because the steps here worked Out nicely and this is a nice example of A textbook ABC correction and a textbook One two setup right all we need to do Now is we need to hold support Okay so It could really be that we finished this One we finished this two And we are now actually in this third Wave it's a little bit too early for to Confirm that but it is Good evidence is here already right Um there's never Clarity or certainty in These markets but there is a degree of Um uncertainty of course you know but we Can look at probabilities Um First of all What I like to do I would like to show You this trend line because this is a Trend line that we see on the Bitcoin Chart as well that we're just hovering Below so it's a highly highly relevant Trendline I think we've just reached it If we are really in this Wave 3 we Obviously break it in the process of Getting higher Um
To me from an from an elite wave count Point of view in this wave three The Wave 3 is obviously a five wave move So we are probably in the early stages Of that Um it looks to me that this year was a Wave one this year was a wave 2. this Year yeah could still be a wave three There will be a wave four that might be Starting now and the wave 5 up then We've got our first wave Of that wave three right So let me just change the Degree Okay so five waves up right Um we can double check that by taking The FIB extension of the wave one Takes us exactly to the 1.618 extension So perfect perfect Eve is really adhering very nicely to The elite wave principles at the moment Um What else is to say well ideally No not ideally what we need to do now is We need to hold a certain support level To allow for a fifth wave to happen so We need if Wave 4 starts now and I think It's a reasonable place to start wave Four just below what descending trend Line then we need to hold a certain Support level that is the 50 Fibonacci retracement that's at 11.85 That's the absolute lowest it should go Now 11.85. ideally
1192 as the ideal level 40 minimum 1200 Should we push a bit higher before Reaching 1200 then we probably haven't Finished wave three but I think we Should be pretty much exhausted soon Here but it looks fairly aggressive I Mean it looks looks really good looks Exactly like That what we've been waiting for After reacting to the support area so It's it's it's it's really good you know I'm pleased about that Um anybody who thinks you know he or she Missed an entry there should be should Be another entry opportunity As soon as we've got all these five Waves Complete because that would Complete a wave one of wave three Okay I'll just change that That would change the wave one of wave Three and that would fulfill a wave one Of wave three and then we should come Back in a retracement In a wave 2 of 3 because Eventually this Wave 3 consists of five Waves so these first five will form Another wave one Then there will be a wave 2 there will Be a wave three that will be away four And away five and that will finish off This yellow wave three yeah Target for That yellow wave three is around Fourteen hundred dollars Um very important to highlight that at
The moment we only have three waves up One two three it could be an ABC So that's why it's so important to now Come down in the wave four hold support And push higher to create those five Waves that will give us the next level Of confidence that's why I was quite in Still am quite confident that this is an Overall at least short term bullish wave Pattern because the move of the low here On the 22nd of November was also in five Waves therefore I've been telling you Yesterday that this is most like an ABC We're going to come down to this yellow Support area and we'll most likely Reverse in here which so far it looks Like it's doing of course there's never Guarantees you need to understand that More generally as long as we're holding The 1100 level I'm looking at higher into the 1400s Okay Obviously we've reversed nicely I didn't Buy because Didn't see the point I already bought at 11 30. so so and 1210 Um That was already last week I think Um so I've got I've got my average price In this area so I don't I didn't need to Buy anymore Um So I'm just waiting either for A breakout yeah or a little bit higher
And move up my stop loss and whatever so But this is exactly how it's how it Should be working out so yeah and Overall as you know this is most likely At the at least at the moment it looks It looks like that it's most likely Embedded in a larger degree wave four Which would come down in a way five that Means make a lower low again we won't Really know that until we have those Five waves complete and see what kind of Retracement we get so it's a bit too Early to speculate about that but Throughout the website we can only trade Both in front of us okay that's my Update about 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 [Music] Thank you