Foreign Video about ethereum so ethereum Continues to be in this sort of Corrective structure here in my opinion It is a corrective price structure Um And I will have to go with that until we Break really impulsively above 1282 yeah So when I made my last video yesterday We were just or we had just dropped Below this trend line here yeah we were Just about to do the retest and my view Was because we failed to create an Impulse here yesterday and anybody who Um anybody who watched my last video Will know that because we said when it Came up here I defined for you a support Area and I said if the price holds this Support area it can create five waves One two three Four and five and if it does that then It would be an indication That a substantial low has been created Here and that we are already in the next Impulsive wave to the upside in a Wave 3 Of a wave 3. as you can clearly see the Chart failed to create an Impulse yeah Because we came down to low I think here It was somewhere around 1271 we Shouldn't have dropped below well we did Did drop below it that was a warning Signal that things are probably going to Come down a bit more We then dropped below the ascending
Trend line here just did the retest From Below that's exactly where I made my Last video yesterday and I said this Retest could be successful if it does What's it going to get rejected here and It's another signal that the direct Breakout is probably not happening not Yet yeah Um and yeah we came down from around 1271 all the way down to 1262 1263 and We have however recovered since then a Little bit however this is sort of just The daily volatility the daily you know Back and forth wouldn't pay too much Attention to that Um for me at the moment this could very Much still be here a wxy pattern to the Downside it's getting interesting now Though um I think we might get a Decision before the weekly candle close Or around the weekly candle close Important is now that you know this Could of course be The C wave now to the downside yeah I Mean within Um Within a y wave you've got an ABC here Probably yeah so a wave let me see No um I was wrong one second The idea would be ABC in wave w ABC and wave X and here ABC probably in Wave Y yeah so this Could be an a wave this could be a b Wave no problem and this a c wave
That's sort of how I would um How I would look at this yeah this is Certainly possible yesterday it looked Like we had the a wave here the B wave Here and we are we're already coming Down and see but we felt short of making A lower low So mentioned to you that the drop below 1260 would probably confirm that drop Here to the downside well we didn't we Briefly dropped below that swing low at 1264 but that was not a substantial Break So then we covered Um I think the c-wave could still be be Coming however if we now break Impulsively above 1282 Then we probably have to assume that We've got here some kind of a Yeah I don't like it oops what happened here I don't like it but if we directly break Out from here this could be a serious And that would be bullish a series of One two one two and one two setups yeah That would be very bullish I would find That unrealistic three one two setup C In a row but it would set us up for a Rally next week okay Um but yeah this is then this all Depends then on this swing High here 1282 if we get above that level And then break above 1308 that would be The direct breakout scenario I don't
Believe it until it happens because this To me looks a bit too corrective yeah Too choppy too much up and down a right Mess really yeah Um so I'm I prefer to see here a dip Into this support area That would be my preference but of Course I'm not making the market here if We really go above 1282 then um this Would be an initial breakout signal as You can see though we had this trend Line here we did an initial retest here It's retest success will be sold off With a huge red candle however Market Recovered around the daily calendar Clause but then here failure to break Above it again right so you could argue It's another retest From Below which Again seems to be successful now and Since then we've made a lower high and Actually a lower low so yeah you know For me it's all pointing at the moment To the downside yes initial signal that We are going higher would be a break of The b-wave high 1277 then they already Mentioned 1282 1283 level and then very Important would be anyway The 1308 level so I'm not entirely Convinced that we are moving up Especially also if I look at the Bitcoin Chart bitcoin's weakness at the moment Ethereum looks still again much stronger Bitcoin rather weak Um but either way the idea would be as
Long as we are holding 12 8 at 12 yeah 37 here the support area the yellow Support area which we already touched Here on the 9th of December so we have To expect it at any moment we could move Up that was different up here yeah when We came down but the moment when we Touch the support area we have to expect The price can turn around and it did That so far but still my view is that This is not yet a sustainable move to The upset it could become one but then Those levels need to be broken that I Just mentioned to you what would be the Target here for the yellow wave three Let's take a look at that we go I up in The wave one come down in the wave two It depends on how low we really go let's Just go more conservative and the target For the yellow Wave 3 would be 1354 That's the initial Target should we Break above the 1308 level and should we Go up in the third wave Yeah that is where we are at the moment With ethereum So yeah hopefully around the weekly Candle close we should know a little bit More for me at the moment it looks Rather corrective Could even become something like a Triangle here I don't know if you've Spotted that but you can obviously Combine those lows I mean there's Different ways of doing it but let's
Just say we could do it like that I will Take this trend line out now But what you can do is you define this Descending trend line I think that is Very relevant and then suddenly you get Your triangle and you could even argue It's a massive bullish pennant maybe so Be aware of that as well so we could Swing around here a little bit and um We we need to see if we come down here If we respect this support line if we do Yeah you know this could even this could Even be some kind of a massive triangle And then we suddenly get a different Wave count not really different but in The subdivisions different Um because if we're talking about this Being a w x y pattern w x y this could Very easily still be the x-wave because An x-wave can be a triangle so it could Sit somewhere here at the end of the Trend then come down you know so yeah we Just need to have a bit of patience I Told you the key breakout points here The ones that are relevant the key pivot Points they are relevant for trading at The moment this is just sort of intraday Volatility and yeah hopefully 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
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