Foreign Welcome to another update video about The GMX GMX a little bit of Disappointment here because GMX fails to Push here Um to the upside yeah Um and to create a new all-time high it Is certainly one of the more interesting Charts at the moment we talked about it Um we identified GMX already a few Months ago actually and I did say at the Time that it would get interesting in This price region which it certainly did Yeah it did get interesting it was again Interesting here and it was again Interesting here Um However unfortunately it did not push To Autumn House it certainly had an Opportunity here but failed so Um a few days ago obviously I made a Video I think we were already broken Above the descending trend line and that Was the chance to break through failed Obviously yeah so we're coming down Quite impulsively we're going to take a Look at that what that means in a minute Um My view was here as long as we stayed Below that descending trend line my idea Was that we could get again into the Yellow support box here in in the wave C To create a lower wave tool but the Moment that we broke above the Descending trend line and also pushed
Above the previous High my view was that Um here what was it ABC was already done Yeah Wave 2 was in And that we would be pushing up in Wave 3 and with GMX the idea is if this works Out and it can still work out then this Could take us to 100 plus yeah obviously A coin going to Autumn highs in the bear Market is not that frequent so it Certainly came to our attention Um but yeah I have to assume now due to The strong sell-off we saw yesterday After the rejection that we're gonna get Again in the into the 49 support area And that all of this unfortunately was Only an expanded flat wave a down wave B Up wave C down and from here we then Have another chance to get in so I'm Gonna look I I got stopped out if at Break-even Point Um I didn't make any loss so I always Tried to move up my stop losses into the Risk-free Zone when I can Um so I got stopped out in break even Here yesterday and I'm looking for a Lower entry now again into the yellow Support box with a stop loss here below 44 that's what I'm gonna do looking at Another attempt of GMX to push higher in Wave 3 that could take us eventually Into the 100 US dollar range now this is Currently breaking below the trend line Not necessarily a disaster Um trend lines hold it as long they hold
As long as they hold now this one Doesn't hold anymore well you could even Say I'm moving it here because we have This touch point now Another Touch point We had a touch Point down here that's Why I don't like trend lines too much Because they are to a degree very Subjective yeah Um but yeah I think this is probably Gonna break and the way this looks now At the moment is that we're gonna fail Just due to the impulsive price action To the downside here if it wasn't that Bad I could get away with counting this As another one to set up but then I've Got problems as well because we have too Many one two sit-ups it gets unrealistic So it's actually not bad to reset this a Bit lower and then give it another go to The upside yeah so I'm going to look at Scaling in here close to support as Possible and then um it has another Chance to move higher and looking at the Indicators I mean this has turned down Now you can see on the daily macd now We're probably going to get it bearish Crossover we on the four hour chart as Well here we had a bearish crossover and Are now pushing to the downside RSI in The bearish territory and yeah it might Not be bad actually for it to cool down Before it gives gets another go at new All-time high if it fails this support Box then we have to rethink the overall
Higher level account and this this all Of this might have just been an Overshooting wave B yeah so that we had A wave one up then an a wave down a b up And the C down but you know there is Certainly a chance still too ready from Here so we're gonna keep a close eye on That I'll keep you updated okay that's My update about GMX 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 then Please check out the channel membership Thanks a lot for watching bye Thank you