Foreign Polka dot isn't really moving too much This is one of the videos that I'm going To add to Discord for channel members Just to go back to in terms of looking At longer longer term price targets Um it's what I do sometimes in the Videos I'm looking at the higher time Frame obviously don't do it in every Video because Um things are changing uh well I think I'm changing that much on that higher Time frame and targets don't really Change especially on this bear Market You know so when you know it when you Know the overall structure of the chart You don't need to see it in every every Video again so it's a waste of time so I Only build it in sometimes and then I Started to create database on Discord For channel members to look at all my Long-term targets so with polka dot The wave count is similar to some other Coins where I assume that we moved up in A wave one that was back in May 21 we Then came down in a very deep wave a Moved up in an overshooting B wave like Bitcoin end of November and we're now Coming down in this c-wave of Wave 2 That could be finished already but I'm Extremely skeptical I already outlined My skepticism in the last video and said That I think polka dot will see one more Low unless we really create an impulsive
Price move to the upside now and we Currently do not see that yet so my Primary expectation for both polka is Still that we need one more low Um and however what would be the Long-term price Target so if we assume That this year is a wave one this is a Wave two then in the next bull run where We should reach a new all-time high we Would expect that we're going into a Wave three I actually have to move it Across now Actually don't need these anymore Because um I'm gonna tell you the Targets as they are Um Target so for that yeah generally the The overall pattern would look like this One up done wave two down nearly Finished wave three to the upside wave Four down and wave five to the upside That's sort of how it would look like in An Ideal World with an ideal Elite wave Pattern of course also here the Wave 3 Will not move in one straight line it's Up waves and so on so we need to draw The fips and give you giving you the Target it doesn't need to be 100 exact Because you know if we talk about a few Dollars difference here that doesn't Matter because prices are way too Dynamic anyway but let's talk about Target for Wave 3 in the next full run Condition is of course that polka dots
Does recover and then it should get into The region between the 1.618 extension And the 200 extension inner Wave 3 That's between 85 dollars and yeah let's Call it 104 then there should be a Shallow wave full retracement which can Really only Define as soon as we've Peaked in Wave 3 and then there should Be a wave 5 afterwards and that could Take us to around 135 dollars those are minimum targets um In a real bull run these sometimes get Broken yeah actually by altcoins they Get broken quite frequently so we'll see But condition is of course that polka Dot does recover so let's go into the Lower time frame price action we are Currently probably still in this wave Too I mean there's a potential that the Wave 2 finished here on the 22nd of November We did move up afterwards Um However we didn't move up impulsively I Did count it as a five wave move to the Upside but made you aware in the last Video that this is not high confidence And I'd rather look for one more low Yeah but we can go with it as long as The yellow support area does hold of Course didn't hold and I always mention To you that these leading diagonals they Are extremely extremely unreliable they Could easily just be corrective wave
Patterns and they often appear in the Beginning of an uptrend so we need to Track them Um because that is the moment when a lot Of bears are still selling into the Rally But here apparently too many bears sewed Into the rally and we dropped below the Yellow support area we didn't yeah we Did invalidate here this wave too Um but that's not really relevant Important is that we don't go below the Beginning of the wave one now you can See we came very very close basically Created the double bottom these are not Reliable either so my view is that this At some point here will break and we're Going to go down lower so I'm gonna take Out the yellow support area this was Based on Fibonacci support areas that Inner Wave 2 should hold that means if They don't hold it's most likely not a Wave 2 anymore so this is still a Possibility the yellow count but it's Just even become or become even less Likely So because of that because we didn't Hold critical support Um my view is that Wave 2 is still in The making we haven't finished it here Um that way five as well so all of that Will probably be reset a bit lower at Some point unless we can really fill These five waves I will not believe it
Until I see these five waves wave one Done wave two hopefully done with three Now needs to move then Wave 4 and wave Five yeah and that could all end in the Channel we will see because we are in This larger channel that you can see Here on the chart Um So you know I mean a really sustainable Breakout won't really happen until we Break out of the channel anyway and get Above the way for high at seven dollars And uh yeah 40. until then I am going to Remain extremely skeptical about any Uptrend like here you know this was also Just a corrective wave pattern to the Upside because we made a new low Afterwards and here we can't even get Off the ground really It would be time now to do it yeah to Get off the ground here which is Possible but really until we see five Waves up and then also three waves down I'm not gonna really believe that this Is already in a sustainable uptrend my View is that polkadot probably needs one More low we lost support here and we Also haven't really developed any Impulsive price action to the upside it Even looked more impulsive back here What we did yeah and you're not even Close to that at the moment so movement Up is very very weak just indicates that There isn't enough bullish interest at
The moment and we just need to be a bit Patient here and wait for those Thickness now we even have on the daily Chart a bearish crossover on the macd That is certainly not a Buddhist sign it Indicates that positive momentum is Reducing further negative momentum is Increasing so bearish momentum is Increasing and that is certainly not a Bullish sign we also had a bearish Crossover on the RSI got rejected at the 50 level that is also not a bullish Signal so it's for me you know generally Pointing here still to the downside Until we see a clear five wave pattern To the upside okay and that's my update About polka dot I hope you liked 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