Foreign [Music] Video about ethereum as we're heading to The Daily candle close ethereum did make That additional low that we expected and Talked about in the last video I did Label here the C wave to the downside And it looked to me like one more low is Coming and we have seen this now and Ideally ethereum is now going to turn Around right now because it should Really not drop below 1256 doesn't mean It can't drop below 1256 but if it does Drop below 1256 which is the 50 FIB Level then we are most likely not in This wave count and we might do that in This particular video Um so I I talked about let me just find No I didn't draw that correctly here you Can see the 1255 level or 1256 1255 that Is the 50 Fibonacci retracement level I measure That by 10 taking the length of the Third wave and then we look at the Retracement and the fourth wave is Normally going into this region between The 23.6 percent FIB level which is the Absolute minimum a wave 4 should do the 38.2 percent flip level which is the Ideal level and the 50 which is the Maximum it should not do more if it does More than the 50 retracement is most Likely not a wave five we then talk About either a bearish option or we talk
About Um Um did a one two setup yeah which is Entirely possible as well I did talk About that option as well and therefore I did label this as top in place Question mark Um but it is still in my opinion at the Moment in a corrective move to the Downside an ABC So ideally we move up I ideally expect Still one more leg up after this Additional low that happened now I would Like to see one more move up in a way Five of three yeah so it is now a very Very interesting moment here we really Need to turn around here or we are Falling down much lower and I can also Talk about which level we will then most Likely see so if we drop below 1255 then We are morphing into the 50 uh a one two Setup first that will be my next wave Count Um it would suggest that In this wave count here where we have From the low a wave one to the upset a Wave 2 down that yeah we are in the Third wave and there will be a fourth And the fifth but that's in this wave Count if we really drop below 1255 then We will need to put in a one two of Three then there will be a three or Three a four of three and a five of Three so we'll have to move all of this
To the upside actually it would actually Be a more bullish count Um but it will only become live if we Well more bullish but short term a Little bit more bearish because short Term we come back a little bit more Right Um but even in all of this we then need To hold the 1280 the 1185 level because If we drop below 1185 it's most likely Not a one two setup either then we will Most likely come down and retest the one Thousand dollar level right so it's very Very interesting Pivot Point here that Um that key level now um If the advantages if anybody wants to go Long you know you can set a stop loss Very very tight because you know where The invalidation point is however bear In mind it's weekend volume is naturally A little bit lower everything is a Little bit less predictable but yeah It's getting interesting this is the Pivot point I guess in a few hours we Will know more how do I know that wave 5 To the upside has started because that Is still at the moment as long as we're Holding this 1255 level this is still Primary expectation well the best Indication you get is if we are the First the first indication we get is if We now move up first of all in five Waves maybe on a smaller time frame and If we break above the Wave 4 high that
Is at 12.75 so going above 1275 will be The first strong indication that a low Has been made here and that we are going Up in the fifth wave a better indication Will be a break above the wave too high Of 1290 and an even better indication Will be a break of the B wave high at 1305 right so it's all cascading Probabilities in Elliot wave So it's getting interesting Um not really much more to talk about in Addition to the previous videos that we Talked about today but it's all about This needs to turn around now or it's Not a way for anymore we will then have To deal with the one two setup or even Something more bearish but I can't see It at the moment because this currently Looks like a corrective move down not an Impulsive one okay and 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 like the content then Please check out the channel membership Thanks a lot for watching bye [Music] Thank you