Foreign Video about ethereum so ethereum is Coming down quite strongly after the Spike today that was only in three waves Today that Spike yeah so we headed with One two three it could still just be an ABC because what I'm waiting for is here Away five still so everything at the Moment is still according to plan yeah But what it needs to do now it needs to Hold critical support and we're going to Take a look at that at the moment all It's doing is probably just retesting at The moment this swing high from the 30th Of November so if I draw a horizontal Resistance support line you can see that This is It's just coming down to that Level yeah it hasn't substantially Broken it I think it's just now reacting To it the question is are the Bulls Strong enough to push it to the upside From here and this is way too early to Talk about it it's the first 15 minute Candle now after hitting that level five Minute is an engulfing candle but that's Really not too relevant But yeah we could see upside from here Obviously it's a bit too early to Confirm that this slight concern I have Is that we are coming down quite Strongly here this does not appear to be A very corrective move down it makes to Me the impression this could be a five Wave move so
Um what we could be getting here is Something like an A B C the problem we Have then is that in a c wave we're Coming down too far so we need to see Actually Um important would be to really hold now The 50 retracement of Wave 3 and I think We've come down pretty pretty close to That 50 retracement Um so let's take a look at that before We do that let's just remind ourselves Of the large account obviously CPI data Today I made a live stream everybody Should be up to date Um live stream uh during a CPI data Release yeah it was 7.3 no 7.1 percent Market expectation was 7.3 so the Generous sentiment was bullish that was The Catalyst to fulfill here the Expectations of the elite wave count we Broke resistance finally and what you Always need to do after breaking Resistance is hold support So this is now the Moment of Truth this Is currently the retest of this support Level former resistance now support Level so we ideally flip that level here Around 1308 from resistance to support And if we do that and then rarely above Wave 3 at 1347 that would be a signal That we are continuing to push higher in This higher degree Wave 3 which is part Of this larger five-way structure to the Upside one two three four five based on
This count we could still see some more Significant upside here but obviously Condition is now to hold the 1310 level If we lose that 50 retracement it could Honestly be an issue for the larger Count it could be an issue for the Larger count Um because then yeah then we haven't we Failed to Rally to we failed to create An Impulse here we're breaking back Below support and that is something that We shouldn't do if we want to continue To move higher here okay So um we are going to zoom in now and Take a look at what that key support Level is So at the moment only three waves one Two three I think this should be a Fourth wave and then the fifth wave Would still be missing Um what are the key support levels for Wave three so we need to hold the 50 Retracement or it could be an issue for The large account so I don't know why It's not doing it Let me just try something different now Let me just refresh the page maybe now It works okay Yeah okay so we have now reacted Um well now we've come down we've broke Below the 38.2 percent flip level at 1311. I think we're still fighting Around that level but the key level here Is the 50 retracement 1301.
If we drop below that level it could be A problem for the larger count maybe a Short week below it wouldn't be a Problem but actually I'd like to avoid It so signal here if we break below 1301 Issue for the large account and then we Might may come down re-test the trend Line That larger trend line yeah and but then We are basically retracing too much you Know then it all has very much the yeah It makes very much the impression and of A corrective move to the upside so Ideally it should have stopped at 1311 While we're doing that now and pushed up From here ideally it shouldn't have come Down that strongly that impulsively so There's obviously a lot of profit taken Going on but we need to hold the 50 Level guys so um that's a 1301 if we Break below that level we need to look At the structure but again it could be An issue for the larger count then maybe We just have an ABC here some kind of an Overshooting B wave before we actually Come down and crash down should we Really come below 1301 then key support Is at 12 56 then we've got it at 12 35 And then 1185 1186 if we break below 1186 then all my hope is gone for a Short-term bullish outcome here and we May come down to the one thousand dollar Level it's important in the current Situation to understand those key
Support levels key pivot Points key and Validation points I believe Um so yeah Target for the Bulls ideally Hold that 1310 level if we break below That last chance 1301 it needs to turn Around rally above 1346 get into the 1400 region What would be ideally the target but Before we get to 1400 what would be the Target here for the wave 5 of yellow Three so that would be Take the wavelength one this shouldn't Drop much lower but let's go down to 1301 just for a more conservative Target And we're looking here at 1358 the 1.618 Extension maybe a little bit higher Depending on how low we really go in This way for but um yeah I mean if it Goes below 1301 it did fail to impulse And then this is definitely a reason for Concern because this is not a five wave Structure to the upside And the only other possibility we then Would have to continue you know or one Still fairly likely possibility that we Would then still have to consider that Anything bullish would be to consider This a one-two setup and then here Another one two setup and that is what Could happen if we come down in an ABC Correction and come down deeper and then We have one two one two that would be Actually more bullish because it extends Out further to the upside you will have
Your way three four and five Um if that happens though we also need To hold a certain support level to make That likely and that would be the 78.6 Percent FIB level so if we drop below 1301 we have one more chance at 12.75. Yeah in a one tool setup but I would Like to avoid one two setups because Um if you are rallying in a Wave 3 in a Supposed wave three and we have another One two setup it always reduces the Confidence in the count yeah because you Are rallying basically but the the Buyers can't hold the support and the Sellers are still selling into the rally Profit taking which is no surprise after Such a strong rally but ideally we are Holding this current level we're Currently holding it just now Um We're just holding it no bearish Divergence yet Um that the RSI is still fairly high so What I would have liked to see actually Is not such a strong sell-off more like Sideways movement maybe until tomorrow That would have brought the indicators Down as well in a way for you would Normally expect not that as much of a Strong retracement now it's still within What is reasonable for a way for but the Strength of the decline is a bit Concerning so see that there's a bit of A warning that this could become a one
Two one two setup and if that fails Below 12.75 we may retest 1256 12 35 1185 but all of that breaking each of These will reduce the likelihood of a Bullish outcome So yeah this is the Moment of Truth here Guys so we need to hold this and Continue to move up to continue the Primary count okay and that's my update About ethereum 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 then please Check out the channel membership thanks A lot for watching bye Thank you