Foreign Welcome to another video about Matic Polygon Matic it did drop below that Important 89 cent level Um not for long but well it did it is Still there actually yeah it did drop Below that level it did drop below this Swing High here and therefore it makes Me consider a different wave pattern for The bullish potential because at the Moment there is still some bullish Potential there we've got a trend line Here Um however not really in an impulsive Way anymore yeah in the previous video I Showed you the potential here to form a Wave one a wave 2 a wave three four and Five and I said whatever we do we need To avoid to go below the wave one high To maintain this impulse structure which Is of course the best structure you can Get for a possible breakout because Matic is able to break out here however The move down here did not really help Yeah with that potential so I had to Remove the impulsive count because it's Just not likely anymore Um what I find more likely if we're Still really higher and that to be Honest I do consider that quite Realistic potential and um I can go with that blue count which is Short-term bullish at least I can go with that as long as we are
Holding above 83 cents To be fair that is the most likely Support area we've already entered it And for this and it would be considered A wave a to the upside down here now A B Wave This B wave Well I could still allow for the 80 cent Level yeah but below that it's not Maintainable you know below that I can't Really go with it and this is the ideal Level the 38.2 retracement in the 61.8 Retracement all the way down to let's Say 83 cents if we go below that yes we Could still accept it as a b wave as Long as we hold above 80 cents but below That it's over and then it will strongly Be then I will be strongly in favor of a Direct sell-off below 80 cents The upside potential has already become Less likely with a drop below 89 cents But the other this is still a valid Count that could push as higher in the Short term and to be honest above 83 Cents I think that's actually quite realistic I'm actually leaning towards it as long As we stay above 83 cents because it is Broadly in line with the Bitcoin count And broadly in line with the ethereum Counts at least with the bullish Accounts that of both of them and they Are currently holding support So this is still very much possible so
We've got support now at 88 cents 38.2 flip level but it doesn't look like This move down is finished looks like we May need one more low next support after That is 86 cents Which is the 50 retracement And then we've got the 61.8 retracement Which is the 83.6 level only below that Level okay it gets less likely that it's Still a P wave but we could still allow The 80 cent level Um as a possible support but below that It's not you know we can't defend it Anymore as this pattern Um if we go below 80 cents again we are Strongly in favor of the direct sell-off Which is here the White Wave count you know and it would Suggest that we are coming down in a Wave one move up in wave two we move Down in three move up into four into Five so this is the pattern that will Become the preferred one below 80 cents At the moment we can go with this one And the reason for that actually is That the decline of the December High Looks quite corrective so I'm in favor Of it as a b wave yeah Um if we were seeing a impulsive move Down and that's why structures are so Important but if the move down was Impulsive it would most likely be this Seaway c-wave of three that would take Us straight away into this yellow
Support box but because the move down is Currently corrective I I consider this structure now here Um so yeah that's where we are always Need to be on the lookout for what the Kind of a structure we have is it Corrective or impulsive and that can Guide us in the CH in the choice of our Wave counts here and therefore I'm Telling you that Um as long as we're holding here in the Blue box we can be in favor of upside Especially because the move down is Currently corrective which would favor An Impulse to the upside in a wave C it Would be an Impulse in a correction Which could then afterwards result in a Move down but we need to see that Um at the moment short term this is the Support area this is what's relevant and If we drop below that 80 cents is the Last option to turn around but then we Should really come down impulsively Below 80 cents it basically counts as an Impulse what's coming down here you know At the moment it still also looks Corrective So yeah I still need a bit of patience Here but um again I'm currently in favor Of further upside it would be in line With what I expect for ethereum and Bitcoin until those support levels that Are relevant for those coins are broken We can be in favor of short-term upside
Okay and that's my update about medic 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 please check out the Channel membership thanks a lot for Watching bye Thank you