Foreign Video about ethereum so it seems like The primary wave count has worked out Again we talked in the previous video About The possible Elliott wave triangle and I'm going to go to the 30 minutes I Really want to focus only on the short Term here in this video for ethereum but I sketched out for you in the previous Video this Elite wave triangle which Suggested that the E wave of the Triangle was already in and that the Next wave up should take us above Previous highs Um in a wave 5 which it did so I can Confirm we now have five waves to the Upside oops we just we have five waves To the upside in this move which Increases the likelihood that in the Next retracement which if which might Have started now the Wave 2 is going to Hold so this can now be counted as a Complete wave one my view is that the Wave 5 of 1 was already in yeah I told You in the previous video it could be That we only get to the resistance line In the wave 5. which is exactly what Happened Um so the triangle broke out to the Upside some people might call it a fake Out but in the end that is what we Expected a wave 5 to the trend line and Now a breakdown
Um the breakdown at the moment my Assumption is this is only going to be a Corrective move down It is not surprising that the way 5 was Quite short because an ideal Target for The wave 5 would be if we take the Length of the wave one and you add it to The lower of the fourth wave and you Perfectly reach the one to one ratio at 1296 Fibonacci levels Work out So now I have to assume that Wave 1 is Finished we have a five wave move up we Are pretty much overboard or we were Overboard we're now coming down Pretty much in line with expectation and Now the question is this Wave 2 Correction this will be The next possible entry point for Anybody who missed any entries down here Now again very important I'm not telling You to buy and I'm not telling you that It will definitely hold support this is The uncertainty we as Traders have to Deal with but the key support of the Wave 2 Is going to be in the region between 12 59 roughly yeah Um yeah pretty accurately 12 59 and 12 37. Plus minus a couple of dollars maybe but This is the support area after this Support area did hold the resistance did Hold now I expect this support area to
Hold if ethereum wants to have a chance To Rally in the third wave of the third Wave next this is eventually the trade I Want to be in as well so ideally we're Gonna see the price come back into this Region find support and move up again The support is between the 78.6 Retracement and the 50 retracement Between 1237 and 1259 it would most Likely work out in an ABC pattern A b c and I'm on the 30 minute chart I Mean it's already quite a small wave uh With small chart but we need to see we Need to get a bit more clarity now about The wave count the way this looks at the Moment to me I have to assume that this at the moment Go to the five minute chart again we're In very doing micro counting here so be Careful about that but it looks to me That this could be it depends on if it's Going to be a flat pattern or a a zigzag But it could be that this was the wave One down this The Wave 2 to the upside This is now the wave three we are now in Well we could be in the four now If this stretches much more I have to Assume the Wave A is already finished So it could be that yeah a wave one more Like down in a wave a then a wave B up And the wave C down I it could be and that's depends a Little bit on how high we go here if we Go above 1280 now in this what I have
Labeled this way for I have to assume That wave a was already finished And then we probably only have an ABC in Wave a and which would mean that it's Probably a flat pattern because a flat Pattern has three waves in wave a that Would most likely mean that wave B is Going to be quite strong And then the C wave down Um but yeah so in any case here Um after either now or after the fifth Wave we should see the wave B wave B is Very hard to trade I wouldn't try Um I would then wait for either the wave C to short it or To just accumulate here in the Wave 2 Support area that is what I would do not Telling you what you should do but That's what I would do Um Bear in mind sometimes you don't get These you don't get into these support Areas but I hope we will because that Would be my next entry point as well for Ethereum again between 1260 and 12 37 or 12 59 and 12 37 and yeah and then Ideally we're gonna go up in a third Wave I can give you a rough Target for This third wave So we take the length of the wave one we Go down to the and we can take the most Conservative Target it would take us to 1360 in the 1.618 extension between 30 And 60 and 1390. yeah and then and then
We should see a wave four down and away Five up off the higher degree Wave 3 Then we should see away four down and Away five up of the high degree Wave 3 And we should see wave four down and Away five and that is when this Cascade Should finish Um all of that the condition for that is That we're going to hold the yellow Support area now because if we don't Hold the yellow support area this most This pattern is most likely not going to Work out but it's looking interesting um Especially because we have this inverse Head and Shoulders still on the chart That would actually take us to fifteen Hundred dollars it's the head and Shoulders we talked about for a while Now we've been talking about for a while Left shoulder head yeah and right Shoulder and the neckline is basically Here around 1290 it's a bit of a it's a bit of a Zone really so between 1290 I would say And 1308 but basically everywhere where We're now it is in this entire region That's a resistance area yeah starting At 1270 going all the way up to 1308 but Above that level we should be able to Move quite quickly and yeah that is 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
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