Foreign Basically still in the same scenario That we talked about in the last video Um where we are coming down here since The high yeah from the high with that Which I currently count as a b wave We're now coming down in a so-called Diagonal pattern to the downside we've Got here on the chart a wave one here a Wave two there hero wave three which Bottomed at around 76 cents here with Four to the upside it has reached the Resistance range now could turn over at Any moment but also could move a bit Higher all the way up to first of all 91 Cents ideally and maybe pushing all the Way up to 95.96 that's also a resistance Here not only a FIP resistance but also A structural resistance as you can see Here and we would then come down further That is currently the primary Expectation especially as most recently We dropped below the 83 and a half Percent level that was a level where I Told you that it is most likely if we Break below that level we will come down Further now we have recovered since then Again but at the moment the recovery Looks corrective to me and the fact that We dropped below know that 83.5 level Invalidated to one likely bullish option Or immediately bullish option because Let's face it there's nothing bearish in This chart until we drop below 47 cents
Um is a breakout from here directly Possible yes that would be possible as Well I can't really see that Um it's not too likely for me but it's Possible yeah I'd be lying to you if I Say it's not possible but obviously we Can only look for the most ideal Patterns for you it's important to Understand that we are here in a Resistance or at a resistance point we Dropped down to the 38.2 percent FIB Level of the wave one yeah we dropped Into the retracement the 38.2 percent Flip level here um a few days ago that Was at 77 cents and we bounced of it but We since then haven't made higher highs Or higher lows so generally the trend is Still down and also from an early wave Point of view It currently suggests see a wave one Down a wave 2 up away three down away Four up Um and there should now be a wave five Down this could also become a wider Triangle Um however I wouldn't really know in which kind of Wave pattern it should be therefore I Have um ruled out the triangle option Because a triangle in a wave two Is not possible it could be some kind of A b wave maybe but it doesn't really Make too much sense to me the triangle Option here so I'm rather looking at a
Diagonal to the downside so-called Diagonal pattern where waves 1 and 4 can Overlap And also well yeah I think this is sort Of what I think is likely there's Another option but it doesn't really Change the overall Um let's say chart yeah it doesn't Change the the scenario too much that Would simply mean that we count the Diagonal pattern to the downside here in A slightly different way and I would Count then the move down as some kind of An ABC pattern so I'm going to show you That as well so we count it as an ABC I Would also still see this as a one two Setup but then Um would say the Wave 3 is actually Still ongoing The Wave 4 hasn't even Started yet so we would actually have a Pattern like this and we would count the Sub waves as ABC so here I would count This as an a wave then here's a wave B Up and the wave C would follow down but It wouldn't really change the Um scenario too much just wanted to rule I just want to make sure that you Understand that this is a possibility as Well to be honest Um just yeah I think this is actually Even more likely so I'm gonna stay with That pattern that we say this with an a Wave here will be the retracements are Similar and the C wave down is to follow
And yeah that's why how I would see it Generally looking at this here Um At any moment we could turn around but Again we could push up a bit higher First of all 91 cents would be very much Possible 95 would be the extreme yeah 95 96 but generally I think we are in this Move down in a wave 2 now and we haven't Seen the low yet unless we now move Higher and break out impulsively above 96 cents then I would have to say that The low was most likely already in here In a wave 2 but it would not be a very Very likely or nice pattern I think it Would be good actually to now with all This mess that happened here to come Down make a new low Um not below the June low but a new low Here in this yellow area between 47 and 69 cents would be good if this C wave of 2 goes below the a wave and that was at Yeah basically 70 cents okay and that's My update about Matic hope you 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