Foreign [Music] Hello and welcome to another update Video about ethereum actually just Noticing I'm on the wrong chart so there You go this is the ethereum chart so we Take a look at the ethereum chart at Least we see a little bit of movement Here in the last couple of days it was a Really boring weekend Um and all of this sideways movement Here was really really painful at least We finally see some movement and we are Still stuck in this descending channel That suggests further continuation to The downside Um Don't get me wrong a law could have been Struck here We came into my support area we came Down to 12 20. again we hit the support Area here for a possible wave tool which Could result in a way three to the Upside and again I'm gonna show you the Target for it That is so you know that is the bullish Interpretation here And it would take ethereum to audio What's going on Took the wrong tour Second So we're looking for a wave three for The 1.618 extension that would take us To 1470 if a low has been made and if we
Now start to move A break above the descending channel Would be the first notable signal that Things are changing here let's say the Very first signal would be a break above The wave a low so if we can get above 1247 it would be a first signal that a Low has been made Um that would be pretty much in line I Think with breaking above the channel That's a similar price level yeah and Then the next level of confirmation that A low has been made is the 1275 level That wave B high and then the next move Is above 1308 or let's call it 1310 that Would all bolster the case for an Upcoming Wave 3 or an emerging wave 3. At the moment As you know my view is a bearish Um as long as we are in this channel Talked about that yesterday and um yeah We have followed through and we've come Into the support area as it's always the Case when we hit these support areas we Need to be on high alert that things Could be turning around okay Um my primary expectation is not yet That we are turning around we could do We've got enough waves in place in this C wave to consider that but it's not yet My primary expectation Um because this move to the upside here Currently is quite corrective so just to Take you through my primary expectation
It's the main count I have I don't Really like the term primary expectation But it is what you know at least people Understand that this is what I'm leaning Towards Um The idea is that this is a wave one and We're coming down in a wxy pattern in a Wave tool yeah and within the wave why We've got an ABC a b c and the target Was reached that I gave you in the Previous videos yeah Um The Target that you ideally you uh how To calculate the target we take the Length of the wave a we go to the high Of the B wave and the target would have Been 12 18 a little bit above that we Reached 12 20. that is perfectly fine I Would consider that Target reached in Such a volatile Market it's the One-to-one ratio between waves A and C Um but again we haven't quite re you Know we missed it by a few dollars a Couple of dollars and the move up is not Yet impulsive so I'm still looking at The possibility of one more low again we Don't need it we've come into the Support area Um important to understand that should We drop below this green support area Um then this would mean that we're Dropping below the 78.6 percent Fibonacci retracement at 11.85. if we
Drop below 1185 I will remove This White Wave count I will remove the Short-term bullish count Very important tells you a lot about Where does your risk sit yeah where's The invalidation point Um As per strictly as per the elite wave Rules 1185 would not be in validation But according to experience anything That drops below the 78.6 retracement is Most likely not a wave two We would then get into the Bayer mode Into full bear mode here and um we would Then have to assume that we've got a Slightly different count that we peaked Here in a wave four And that we are coming down in wave five It would be this way for which I Actually have up here but as I already Made your way on the weekend we could Have A more substantial top in place here And this would be this is basically the Second scenario so I've just shown you The first scenario And this is now the second one Um it's not the primary expectation but It's of course possible and not too Unlikely but that would assume that a Top has been made here at basically 1308 And we are coming down now in Basically actually this Orange County
Which I did hide here so that we are Coming down in a wave one I'll do that one second I just need to Think did I have it here Now this doesn't really fit it would be Here so we moved down in a wave one we Moved up inner wave two yeah Um we would probably still be in this Third wave in Orange That just has to do with subwave counts And ideal extensions yeah so it would be Here one two setup here probably another One to set up and then we could move Down in the third wave next yeah third Wave of the third Um so it would really take us down quite A bit that bear count and that bearish Count would become Into focus and into Force if we break Below 1185 so just be aware of it this Count would most likely take us down Um to one thousand dollars or even Below that just be aware of it Okay so that's the orange count but Again as long as we're holding 1185 we Can focus on higher and that gave you The key signals here that would tell us When this movement to the downset is Finished and just here in the very short Term made you aware in the previous Video that this could be an ABC pattern Here ABC maybe in a fourth wave here That we had here one two three this is a Fourth wave and we would now move down
In the fifth problem here this is not Really impulsive to the downside so at The moment the market is stuck in Neutral a little bit neutral but you Could from a traditional ta point of View yeah maybe you could consider that Some kind of a A Bear Flag or so yeah Um which would then most likely break to The downside 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 and then Please check out the channel membership Thanks a lot for watching bye [Music] Thank you