Foreign [Music] Video about ethereum so we've got a very Similar situation to bitcoin here the Corrective wave structure to the Downside in this Wave 2 looked a little Bit different than Bitcoin however the Outcome is the same very similar it Seems actually it's quite funny Bitcoin In ethereum actually leading the market At the moment Um while the altcoins aren't really Moving I mean this was quite an Impressive move up yes we've seen Altcoins follow generally as well but it Seems like Bitcoin and ethereum are Doing much more Than some of these altcoins but anyway It's in the ethereum video so let's take A look at that my view is still that And that has been the primary count that We here in this sort of short-term Upside structure in a one two three four Five movement Obviously at the moment we really only Have a wave one a wave two and another One two setup of this next wave three Four five so this is how it should play Out ideally as per the primary wave Count important for that is still that We're holding the 1185 level Yeah Um because while we have moved up Yesterday in quite an impressive
Reversal pretty much as per the primary Wave count Um we I still have to issue a small word Of caution because we are still below This descending trend line and we only Have three waves up at the moment now in All likelihood what is reasonable to Assume is that this is going to follow Through to the upside for a couple of Reasons First of all we broke out of the Descending price Channel We have a very strong possible wave Three very strong and we're currently Holding in a bullish consolidation that Is what you would consider a bull flag Or a bullish pennant in let's say Traditional ta now it's holding quite Well it's holding actually above my Support area or it well it touched it Yeah and it's just dancing on it Basically so um in all likelihoods we Can expect another move to the upside Here in wave five but it's always Beyond This side of caution as long as we have Only three waves it could theoretically Just be some kind of a corrective wave Structure up Um But the fact that we're holding support So well indicates further upset from Here in the fifth wave now if we get This fifth wave And it might only push a little bit
Above the way three high so in that Attempt we might not even break above The 1308 level that would be important Though to confirm further upside But in the first step maybe we only get To that level You know have the five waves complete Breakdown In a wave two because again just to show You the roadmap here how this would Ideally play out We've got here then if we get these five Waves uh these five waves this would be A wave one again of that wave three we Would then come down in a wave two most Likely come down maybe into the region Of 1250 or so We would then move up in a way three Would come down in the four and move up In a five and this would be the ideal Pattern How this would play out ideally yeah and That means anybody who thinks or is Afraid you know they might have missed You the entry opportunity in this green Reversal area They could still get a chance in this Wave 2 retracement now Um no Financial advice of course but It's how I see the market develop in an Ideal way So yeah Um at the moment it is imminent it is Absolutely important as well not only to
Get this fifth wave but to hold before We get this fifth wave this support area It is based on The retracement of wave three basically Between 1275 and 1258 that is the Support area that we need to hold Because if we drop below that bit low The 1258 level if we drop below the 50 Retracement it would be most likely not A way for and the whole pattern will Most likely not work out so that is very Important to understand Um but besides that short-term upside Further preferred especially as long as We are holding this support area this Wave 4 could very well be unfolding as a Triangle like this you know Um and again you know it could be a Triangle pattern even an Elliott wave it Looks like a triangle anyway but it Could just be an Elliott wave triangle In an Elliott wave triangle we've got an ABCDE pattern A b c possibly the D already and here The E and then we are ready for a Breakout very shortly however even if we Break to the downside it would in the First instance not be a disaster we Would probably still find support in This box here this can as I said go down To 1258 and would just be an ABC pattern Or wxy interesting as well It's not a massive triangle so if we Take the height of the triangle roughly
Yeah and we add it to a possible Breakout Point even if we go down we Should still find support here around The 1265 1260 level so no problem okay Um and then yeah further upset preferred Bear in mind again I mentioned that for The Bitcoin in the Bitcoin video as well Um at the moment this all this upside Movement is part first of all is part of A still possible Quite obvious actually inverse Head and Shoulders Now that we've talked about for weeks Now so it will be interesting to see if This is playing out Pure targets or Target purely based on The inverse head and shoulders and by The way in red here is the resistance Area and we can clearly see how we are Holding below the resistance area Target Would be around fifteen hundred dollars If that inverse Head and Shoulders Actually plays out Um But all of that is probably just part of The wave four so a b c and the C wave Would be part of the wave four and the C Wave itself is a five wave move one two Three four five so you can see how all Of this fits together and it will be the Market that needs to decide after the Wave four Do we hold a higher low do we come down In three waves do we hold a higher low
Are we gonna do a proper breakup because If we get a higher low in this Retracement after the top That will be a strong signal that a more Substantial low has been formed here and That we are probably not come down not Going to come down lower again and that Could take us then to three thousand Dollars and Beyond Or do we actually fail come lower and we Will make a lower low And then we need to see do we find Support at one thousand dollars or so But um If it's a three four five pattern we Will come down below the 9th of November Low once more it is this retracement This pullback yeah that's going to Happen as soon as we've put a top in Place that will determine ethereum's Journey for the next few weeks and Months probably you know so that will be The decision moment here and that will Be a very very important pullback 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 please check out the Channel membership thanks a lot for Watching bye [Music]