Foreign [Music] Welcome to another update video about Ethereum so yeah as expected in the Previous video where we said that it Might have peaked here in the wave three We are now coming down in a wave four I Formulated a Target area for this fourth Wave between the 50 retracement and the 23.6 retracement this is always the area Where you would expect a wave 4 to get Into yeah Um the ideal Target again remains for The Wave 4 the 38.2 flip level that is The FIB level that you will see a wave 4 Go to most of the time it really is yeah It's not just uh any any stupid comment It really is the case Um I mean we've seen it on this channel Numerous times it often is the 38.2 Percent flip level it rarely is the 23.6 And it may be a little bit more often is The 50 but it most of the time is the 38.2 percent retracement of the Wave 3 That away 4 goes to and finds support in And bounces off from so um that is Obviously then the road map for the Further continuation of this movement Here Um the idea is To ideally push higher Ethereum needs to do this to continue This overall uptrend the next Target Would be a wave three
Of Let me just rethink Now we get to that but next Target would Be um obviously yeah the wave 5 here I Don't think we already here in the third Wave it would be unrealistic because you Would need a little bit more upside in a Wave three so I'm going to correct that To the upside now This all has to go up higher The reason for that is And let me just move that across The reason is that the White Wave 3 Encircle yeah in the white circle the Actual Target for that is much higher Um and the target for that is calculated By taking the length of the wave one we Go to the low of the Wave 2 and that Gives us a Target and normally the ideal Target or usually even the minimum Target for away three is the 1.618 Extension so it would need to take it to Around 1490 I already did that before Here 1490 would have to be Target Actually for the White Wave 3 so Actually needs to be a bit higher so my View is that this first movement here These five waves which could be Happening they should be the first wave Of that third wave I'm going to observe That a little bit more But I think this is the case so in in Effect what would happen is five waves Up in a wave one then a wave two down
Then away three up a four down and a Five up four with this wave three that Would be ideal you know we would Actually need to to reach that 1490 Level ideally for this way three Otherwise we will have to rethink the Higher level assumption and say well Maybe this is not one two one two but it Actually is one two three four Um No one two and then Did it yeah in here we already had our One two three four and there will be Just one fifth wave but even even that Would be too short for the yellow wave Three so I think what we're gonna do we're gonna Wait for one more leg up see how far it Goes but I think this will mean that We've got five waves up this will be Only the first wave of that third wave Which means it can Cascade quite a bit Higher yeah Um at the moment the move up Um has been So far in three waves so I'm looking at This as a wave one a wave two away three This should be a wave four probably Nearly done ideally we we reached at 38.2 percent flip level maybe even the Fifty percent flip level at 1278 then we Move higher in a fifth wave Um I can also just to give you the target
For the fifth wave here we take the Length of the wave one we go to I have To make some assumptions here let's say We go down to the 38.2 percent flip Level then the target would be the first Target would be one three one two oh one Three one three one thousand three Hundred thirteen dollars and the stretch Target would be thirteen Thirty far away From an ideal Target for this larger Third wave so 1330 would be the ideal Target for the next push to the upside That is exactly where we've got the 50-day moving average here the yellow Line actually coming down Um but yeah you know this is the valid Wave count this is what I'm going to go With as long as we're holding 1278 Because below 1278 below the 50 Retracement this is most likely not Going to work out bear in mind very Important we've got now a possible Triple top here Top here top here top here this is Resistance it really really needs to Push through here Um This is going to be the next Target for The blues yeah a resistance line here That you can draw very clearly we have Now support here in the green support Area in the box and it needs to push Higher from here to um finish off here This fifth wave that would be a breakout
Point here this swing high and then it Can push higher Um and yeah generally if you extend this Out you can see this was a resistance Area we pushed above it We've just re-entered it again but we Need to stay above this key resistance Area and make it to a support area going Forward That we need to break above because all Of this messy on the left hand side was Resistance it should now really be Support so yeah ideally we move up Imminently here as I said there's a Little bit more space to the downside in The wave four but then we should push Higher in the fifth wave and I'll keep You updated about this So but overall the trend is further up But as I said before this is all Generally part off and that's how I see It at the moment part of a larger ABC Structure which would eventually lead to One more low Um could the low already be in for Ethereum yes also here the local low Could already be in but we won't really Know that until we get those five waves Complete here to the upside and then see A three wave structure to the downset And hold a higher low support that is The moment when we can say okay with a Very high likelihood the low for Ethereum has actually already been in
And we're not going to see this fifth Wave to the downside so it's very Interesting child at the moment I'll Keep you updated 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