Foreign Welcome to another update video about Polygon Matic polygon continues to drop Further as we talked about it yesterday When medic yesterday dropped below that 38 and a half cent level that was a key Support level as it broke below that it Made further downside likely and yeah I Think we are looking now at support Somewhere here in this yellow support Box this is the box that we've had on The chart well since I think since July August really so it still is relevant Because this Wave 2 here was apparently Never really finished industry we Thought it could have been finished here We had a substantial price increase Since then so you know there was a Possibility for profit taking and also For um For entering down here there wasn't long Area here was a long area yeah Um but it still did not substantially Follow through came down a lot I believe Um that a lot of those possible bullish Patterns probably would have worked out And would have followed through had FTX Not happened but we will never find out Because if the X did happen right so the Target for this move to the downside Would be somewhere in the region between 47 and 60 cents Um so rather in the lower end of this Support box and there are two
Possibilities how we can get there they Don't really make a great difference in The short term just want to show you the Possible wave count the first Possibility is to see the entire move to The upside here as a larger wave one all Of it not entirely happy with that Um it would mean that this was a very Long way for not really happy with that Yeah Um and then we would come down now in a Wave two from here in this massive a b And c correction but it's a possibility It's one way of looking at it so that's Possible the other possibility and to be Honest I still like that more actually Is Um And it doesn't really have a great Impact on targets but it would mean that This wave a was actually down here we're Moving up in a b wave here and peaked Here around 129 and Then this is a very very Um choppy diagonal pattern one two and We're coming down in wave three now There'll be a wave four up and the five Down so it's it's following the path Down I think we will know that away 4 Has started as soon as we break above This trend line that could happen very Soon because we are in the over solid Range on the four hour chart so as soon As we break Above This descending trend
Line here of this kind of triangle Pattern Um or you could even call it maybe a Wedge but we don't really have enough Touch points for that so be aware this Could break out to the upside soon but It would not necessarily in my opinion Primarily I would not expect that this Is a bullish breakout it would purely be A corrective wave pattern to the upside And then a follow through to the Downside that got more likely And was basically the confirmation for That movement that we talked about Before as we dropped below 83 and a half Cents we got to a state here with Polygon a few days ago where it was Really like you know if this if if a Happens then B happens or if C happens Then D happens so it was really like you Know you have this support level if it Breaks we go down if we're going to hold Here then we have a chance to go up so It was really to that state very very Messy a situation nobody really likes Because it means a lot of uncertainty at Least now we have more clarity in my Opinion Clarity is good it leads to Movement and that is really really Healthy Um but yeah we're following the move Down we can also see that Um on the eight hour chart we I mean We're avoiding here slightly lower low
At the moment but also here we're very Close to the oversold range we look on The daily chart and we're not yet Oversold so there is technically more Downside possible that's also why I Think this overall movement to the Downside isn't finished yet it would Rather support that view also on the Daily the macd still pushing down so Yeah this is sort of my view here about Medic at the moment 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