Foreign [Music] Video about ethereum as we're heading Into a new trading week I already tied It up a little bit the chart took some Of the lines out that are not relevant Anymore I'm also going to take out this Resistance area I'll leave the support And scaling in areas still here because They are in my opinion still still Relevant Um but yeah you know what we talked About in the previous video here is Still the case Um Talked about still this being possible Well most likely a wxy pattern after we Failed to Rally yesterday you remember We looked at the chart was it yesterday Actually uh yeah I think it was wasn't It or yeah it was yesterday where we had This small rally here and this could Have become yeah a one two three and we Reached the 1.618 extension so all good But then we failed to hold Wave 4 Support and I told you that should we Fail to hold Wave 4 support it's Probably not gonna happen the ready yeah And then yeah in the end this was in my Opinion a wave WS sorry wave X As I already explained in the previous Video here a wxy pattern is a more Complex corrective wave pattern Um so we came down this ww moved up in
The X wave and this is most likely now Just an ABC now with a b c and Um this is confirmed by the strong Decline that we can currently observe Here we're still hovering just around Support here of this wave a low at 1263 But if we drop below 1263 it's most Likely going to take us again into this Support area that is currently still What I what I would primarily believe Yeah I also talked about that in the Previous video that I still think this Is a wxy pattern in addition to or in Well in line with what I expect Um yeah for Bitcoin as well That Um yeah we are gonna see one more lower Here in a c wave really okay and there Were two reasons for that one reason was That we really only touched the support Area here Then that the C wave of this first Decline was a bit too short and there Was a third reason actually and that was That we didn't rarely in five waves and That the whole movement just looked Corrective yeah a lot of overlaps Nothing too convincing and um Yes looking good we seem to be coming Down now Um so unless there is again a similar to Bitcoin unless there is now a screaming Bullish five wave move rally above the 1284 level this wave B high and this
Wave X High my view is heading lower Into this region which is located Between 1237 and 1257 and again that is Based on the Fibonacci support levels of This wave one and here we're looking at The area between the 50 FIP level And the 78.6 FIP level between 1257 and 1237 okay and we can also look at what Is the ideal Target for this move to the Downset actually Um I'm just thinking is there another way To to to to to label this um and there Is and I'm going to talk about that in a Minute but it doesn't change the target Really So We are looking here at the length of the Wave W and we go to the high of the X Wave and the target would be the one to One ratio is 1248 that would be the Ideal Target so it's pretty much in the Middle of this support area okay that Would be the ideal type we don't need to Get to the ideal Target I think as long As we are coming at least here to 1257 Again Um the scenario is basically fulfilled Theoretically The Wave 2 could already Be in because we touched the support Area here but I'm not not convinced About that right I'm not convinced about It I'm rather looking at lower here Um first before we have a chance to
Rarely hear in the Wave 3 that could Take us to around 1380 yeah 1380 US Dollars and then higher as well I just need to move those waves across As those movements all take a bit longer Yeah So yes or pretty much will you know Following the primary expectation at the Moment would be ideal to go a bit lower Just because it was not a perfect Correction yet the move up was pretty Corrective yes there is a different way Over labeling it um and I think we could Even say the wave X was here Um let me think and then That's All of this was a wave a The B wave was the Triangle And then we rallied in a c wave it would Be a short C wave And then we're coming down now ah you Know what I like the other count better It it fits better from you know looking At the proportions Um Yeah that that works better Okay and also considering the impulsive Sell-off now because if this is a wave Why yeah we've got an ABC and um After such a strong B wave you normally Get a very very strong Z-Wave decline so I'm looking forward to seeing if we Actually hit the support area hope you
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