Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

Polygon MATIC Price News Today - Elliott Wave Technical Analysis Update, This is Happening Now!

Foreign Welcome to another update video about Polygon amatic Um basically little change since the Last update it is a little bit of a Messy child it's getting really Difficult to read here Um and it is really really tough The whole situation back here because it It is just sitting it's one of the few Charts that's just sitting exactly Between two scenarios so it is very much Possible to see from here an impulsive Sell-off in a c wave of wave three There's again I'm looking at this as an Ending diagonal in wave C so as um Counting each of those Subways as ABCs That's possible and I'm looking at it Currently as a b wave but we get to that In a minute but we either get a move Down impulsively from here anywhere or We continue to climb in five waves and It's really tough These sorts of situations always shy Away from you know analyzing charts like That but I have to obviously Um because you know you can't really Come to a clear conclusion and this is Just again it reflects the uncertainty Currently in the market but we take a Look at that medic generally if you zoom Out is still one of the best charts out There and Um it is far away from Pivot Point far

Away from invalidation of a bullish Scenario so I'm still looking at the Whole thing here as a wave one to the Upside And the Wave 2 to the downside that's Still the ideal scenario here and the Wave 2 however consists of an A B C with An overshooting wave B basically an Expanded flat pattern where we look at The Wave A in a three wave move ABC and We've got the wave B to the upside and The C wave down and expand the flat okay So that's Um at the moment likely very likely Um that we will come down once more in Deeper wave 2. That overall Target area for this wave Too Is located between key Fibonacci Retracements so it's located between the 78.6 FIP level around 47 cents and the 50 flip level I didn't draw them very Very accurately now but it's at 69 cents So between 47 and 69 that's the ideal Area where this Wave 2 should end Um it could have ended already here yes If I extend that support area to the Left this is the other scenario should We really rally from here I will have to Count the Wave 2 as complete here we had It here before Yeah as Wave 2 but the whole issue Around the 9th of November and FTX and How it brought the entire Market down

Made that less likely because we've come Down so impulsively That uh it made it more likely for me to To look at this in terms of a breakout To the downside that follows yeah but That's exactly where the tough thing is It's sitting exactly between two Scenarios so Um first scenario and that is the Primary expectation at the moment Is that we will see a deeper wave too so It's basically the count I just showed You wave one to the upside impulse yeah And then a b c in a wave two and if we Now zoom in in this primary expectation Then we can look at the white count It suggests that from this B wave high We came down in wave one we moved up in A two we're now coming down in a wave Three The only way to construct that really is As Um As a three wave move the way this looks A b and the C wave down in three then Away four and away five For me the most likely option at the Moment um we are getting close to the 50 Retracement at 96 cents now a wave B is Always very tough and difficult to Analyze Um at the moment you see it's three Waves a b c in b This could still push a bit higher to

The 61.8 percent FIB level Above that though it's getting unlikely That it's still a b wave here but it Could still push a bit higher even above The yellow area the yellow area is just The ideal Target area of course a wave B Can do something which is not ideal just Recognize that this is key resistance Here at 96 cents it's also the previous High here Getting above that level would take us To one dollar roughly one dollar and one Okay What is the bullish count then So the bullish count I already explained the Wave 2 would sit Here so we had a wave one up wave two Down and this is some kind of a weird One two setup and we would now start to Move up in five waves again Um in this five wave move to the upside Which is the Blue Wave count We could say that we've seen a wave one A wave two and we're now in a third wave Up there will be a wave four and away Five if we get those clear five waves Then I will reduce the likelihood of the Of the imminent sell-off count because Five waves up indicate the trend has Indeed shifted to the upside Um What would be Target for the Blue Wave 3 That's very important as well so Target For the Blue Wave 3 would be the 1.618

Extension basically one dollar one Dollar and one okay that's where we Would need to get to as a minimum for This Blue Wave 3 then it needs to hold Away four support so I want to see a Shallow retracement afterwards and then It should push higher into wave five Maybe the region 1.10 to 1.14 and then This means five waves complete Likelihood of a b wave reduces yeah and Then I want to see an ABC correction to The downside hold support basically Counting this as a wave one and then a Wave two down so at the moment it's Really sitting between these two Scenarios it could be the blue count it Could be the white count who knows it's All about the key invalidation points Here because this blue count only Survives really If We Hold above the 89 cent level yeah we should not Drop into the price with one price Region now because ideally we want to See an Impulse here push a bit higher Anyway three Wave 4 should avoid getting Into the wave One Price region if it Does again it's getting messy right Um so 89 cents needs to hold for a high Likelihood Blue Wave column we can in Fact focus on higher if we want to Um but that 89 level needs to hold Absolutely 80 cents need to hold right Because this is a wave too low and I Mean you can get all sorts of strange

Movements here but as long as the 80 Cent level is holding at least we can Look at this as a one two setup and then Whatever happens afterwards Um Yeah I mean for our chart Overbought it was overboard is Recovering a little bit Um so it's just moving sideways a bit But if it's away three it should really Push higher looking at the EMA ribbon on The four hour chart we are above the Email ribbon so we had a long signal Here so this is still pushing higher so We're basically above support at the Moment Um at least if we go by the EMAs on the Four hour which is quite relevant the Daily we're even above for the EMA Ribbon on The Daily I mean that is quite Significant actually so it would suggest We can focus on higher But again I mentioned the key levels for You yeah As long as the 80 cent level 89 cent and Then even more important the 80 cent Level is holding can focus on how the EMA ribbons give us a long signal here As well so you know why not Um we have to be open to both ideas here And Um what else in my ribbon Looking at the Bollinger Bands on The Daily here it shows you you're getting

Close to resistance now so again it Shows you different things right we're Above the EMA ribbon support we're Getting however close here To resistance on the Bollinger Bands on The daily chart But the four hour here still has space Higher so yeah getting getting to the Dollar range looks at least achievable Um we're even not overbought anymore Really on the four hours so that allows Us to Um still have you know we have a bit More space here on the upside but also Here you can see a bearish Divergence on The four hour RSI so you know there's a Lot of uncertainty there's reason why I Don't also like necessary to use those Indicators they did do give you a lot of Conflicting messages best to just stick To one or two Um but also here the yellow line you can See the 50-day moving average the simple Moving average we're holding above Support here so certainly there is Support and it's not breaking down Straight away so the blue card certainly Has relevance we just need to reach the One dollar level now hold support in Wave 4 and push higher and wave five Into the 1.10 1.14 region and then we Can then we probably know more okay and That's my update about polygon Matic Hope you like the update if you did

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