Foreign Video about ethereum so not without Surprise we have entered my target area It's following basically my expectations Of Um let's say being bearish as long as we Stay below 1308 yeah so as long as we Stay below this Wave one high told you yesterday that I'm going to be bearish I do expect Short term or very short-term downside After completion of this ABC structure Which then also happened I think in my Last video we were still down here I Said at the moment ethereum seems to be Very weak and doesn't even seem to be Able to put a strong C wave in place Which it finally did then which is good Because it gives clarity about the Pattern ABC in the end it did become an expanded Flat yeah which means that this C wave Moved above the a wave After the wave B went below the Beginning of the a wave and after that Of course we expected a sell-off either In a wave C Or away three we don't really know which Which pattern is going on here which Pattern has taken place Um let me explain we're going to zoom Out and then we talk about the Implications of this sell-off Um
In how I deal with it So we've got here the idea still that we Are in a short-term uptrend yeah overall Um that is possible as long as we're Holding above 1185 I mean it's also possible below that but Below 1185 below the 78.6 percent Fibonacci retracement level the Probabilities shift very strongly Towards a Sell-off a further sell-off into the Region maybe around one thousand dollars Or below Um We still have the chance to Rally from Here In a third wave but we need to find Support in this green box the wave count Is 1 2 already done we already in this Wave 3 there will be a wave four and a five And in this wave three A wave one was done and this is Currently the wave two in quite a Complex w x y correction the next wave Up should be If this pattern is going to work out a Wave 3 to the upside it is the wave we Normally want to be in then there will Be a way four and a five So These are the two scenarios until Yesterday there was still this scenario But it was not very likely anymore
There was still the scenario to Rally Directly from up here But I told you I will only believe that If we really break the high so it wasn't A very likely option and We also didn't follow it so yeah we did Follow the more likely option of either Being here in a way of C of a wave two Which would be the let's say more Bullish interpretation where we would Find support in the green area here and Then Rally or and that's the more Bearish interpretation we're actually Putting and that's the orange count We're actually putting a five wave move In place one Two Wave 3 ongoing now there will be a wave Four and a five and that can take us Down lower and that could even take us Below the beginning of this wave one you Know and we could eventually if we Really come down here in five waves This could just be the first wave then We get an ABC and we follow further down Yeah so we don't know that yet Until we see how does the price react to This support area So Zooming in What are the targets so you can see here This yellow ABC which is part of the Y wave So see the orange the orange count is
Separate that's the moon bearish one the Orange count But we've got here the yellow green Whites belong together so the yellow Count is part of this Wave 2 correction So as explained yesterday the idea was Here at w x y I think we calculated the target for the Y Wave by using the waves W and X so Target was the one to one ratio is the First one that was at 12 36 I'm pretty Sure I told you that this is probably Not suitable because we already nearly Reached it here so the other Target the Next Target would be The 1.236 extension we've reached that Now but it doesn't look finished yet so The final Target would be the 1.618 Extension 1193. don't get me wrong there are Various ways of how this cut Target can Can be calculated but 1193 is quite an Important one and then we can also Calculate Target by using the ABC Structure here with a B and the first Target here for the C-wave would be 12 17. so We've nearly reached it as well okay and The second target would be 1181 so it's It's not possible to um specify that any Further as you can see here we've got The FIB levers as well the retracements Between 1185 and 12 30. now 12 30 Already broken next key support is
Probably here the 61.8 retracement 12 10 Or 12 11 and then that 1185 level Looking at the substructure it looks Like that we've done a wave 1 2 here an Ending diagonal or a leading diagonal One two then this was most likely away Three this strong sell-off usually you Get these strong sell-offs and they are Away three and we might be putting in a Wave uh four and five internal structure Not entirely clear to me at the moment Of this sub wave But this could have been the four or This the five so we could already be at The end of this and then we just need to See how does the next The Next Movement to the upside which I Expect shortly um is this going to be an Impulse If it is we are already in the wave Three If it is going to be a correction then We're most likely an orange waveform and We'll get another sell-off in wave 5. so Um interesting one How to deal with this well I am fully in Cash now with the ethereum I do still Have positions obviously on my ledger But um all my trading positions are in Cash I made you aware that I took Profits up here I think it was around 1260. I took Profits and the remaining positions were
Stopped out in profit at around 12 45 so I'm planning to rebuild my core Positions here lower Um these are no positions where I'm Going to set a super tight stop loss but They are positions where I want to start Buying in the current Um environment again because again I Took profits of all my if positions And I want to get back in okay because Even if we drop lower this is for me a Very very attractive coin and um Basically all my core positions are Realizes profits now with the exceptions Of the ones that are really hold long Term on The Ledger but I don't do long You know swing trades with them they are Really like the long-term positions that I intend to sell in the next Autumn High Area Um So I'm going to start a scale in here Very soon I won't set a very tight stop loss Um but yeah I need to build my core Positions again that Um that's got that I took profits off so Interesting so looking forward to that Um it was the right decision to take Some profits up there again I made you Aware but it's not easy I have to say That as well it's not an easy structure To read now at least we've got some Clarity because up here we had three
Options now we only have two options Really so I'll keep you updated 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 bye Thank you