Foreign [Music] Welcome to another update video about Matic polyomatic we are still yeah Basically in this scenario here where I Would personally expect a higher B wave Um my view is still that The um we should come down ideally a Little bit lower but there is short-term Upside here which the market of matter Can still use to climb higher we are Hovering above an ascending trend line And a few days ago I gave you this blue Fibonacci support area for a smaller B Wave here Part of this a b c structure which is Part of the larger a b c structure which Is um Part of the Wave 3 here that goes down Right so the overall view is that we are Coming down here currently in a wave one A wave 2 then an ABC in wave three And then away four will also be ABC and Wave 5 will also be ABC and that's the Structure that should take us into the Region between 47 and 60 cents ideally Again just need to repeat that there is Nothing bearish on this chart until we Drop below 47 cents so I'm still Generally Generally bullish on Matic it's one of The altcoins that has a decent chart Um chart because let's be honest more Than 90 of altit coins don't have a good
Chart And I'm quite confident that a lot of Altcoins are not going to recover from The spare Market as they basically Always do you know there's always a Bunch of altcoins that isn't going to Make it in the next Bull Run maybe they Don't die straight away maybe they will Recover to a degree but they may not Make a new all-time high and so on but Matic is one of the in my opinion from What we can see now a solid chart and The overall wave pattern is here wave One peaked back in August at 1.5 and We're now moving in this ABC pattern Yeah where we should come down lower and The primary expectation is here for a Higher B wave Into the target range around we can Double check that as well Into let's take the Fibonacci extensions Into the area around the first Target I Think I said that yesterday around 99 Cents that's the 61.8 extension there Would be a very weak wave C And the ideal Target would be here 1.6 The one to one ratio so I'm looking at That level And from here I would expect a strong Resistance and the move to the downside It is also pretty much Um well not that close but it's it's in The region of where we've got this um Wave too high and if I just draw the
Fips from here to the low you can see That that 1.5 1.6 level is quite close To a very very critical Fibonacci level The 1.7 level which is the 78.6 Retracement if we really go above that Level we probably have to assume Something more bullish is going on but Until then I'm yeah I'm looking at Short Term upside and then it is all about how Strong is this wave C going to be if it Is very strong and maybe even goes above The wave too high well then we are Probably in a breakout yeah so I Mentioned um before that this is yes my Primary expectation and that is because The move of the low here in from the 21st of November the move up is Currently corrective a lot of overlaps Looks very correct active the move down Was corrective as well so for me it Makes sense this to be a b wave still an ABC structure where the wave B was Corrective the Wave A was corrective so Looking at that Um There's of course a direct breakout Possibility I talked about that in Previous videos as the alternative wave Pattern where we've got a series of one Two sit-ups here so we'll wave one up And then we bottomed here already in the Wave two and then we've got something Here like a another one two setup one Two and another one two setup and we'd
Be moving up now but if you have too Many one two setup it's it's getting Unlikely yeah Um you could also say that we have Indeed a wave a a wave B and the wave C Bottomed here now that would be a So-called running flat pattern I am not Really a fan of running flats um the Reason for that is they are so rare they Are one of the rarest Elliott wave Patterns at all Um and again but it would still be part Of the direct breakout scenario so then We would have to say that the Wave 2 Finished here but it's just not very Likely in my opinion Um and it's all about likelihoods in This market But of course we could say we bottomed Here it's just not my primary Expectation until we really get above That Um let's say 1.7 level with the follow Through above 1.15 but yeah so short Term upside here I think we could be Moving into the apexi over of a triangle Pattern as well Um Um you can see that here we've got an Ascending trend line that we've adhered To in the last few days could even move That up a little bit I think that is Even more accurate if we don't consider The Wicks too much but more the candle
Bodies got three touch points down there We've got three touch points up there it Looks like a triangle shape at the Moment so if that is really the case Then yeah be be prepared for an Impulsive move because if we're getting Squeezed into an apex of a triangle as Always there should be an impulsive move To the down uh well not to the downside Not necessarily but an impulsive move Either directions the market needs to Decide where do we break out but that Breakout could thin Earth if we say Let's say okay we have a triangle here Let's just take broadly the the height Of the triangle Um might even need to take it a bit Higher but to the upside it would take Us into that sort of okay above one Dollar range yeah so between what Between that 99 cent Target and the 1.5 Target here's a bit tricky because you Know where do I take the height from Um if I take the height from just have To extend it take the height from where We bottomed here then it would probably Take us to that 1.5 level 1.6 level Downside Target would be around 75 cents So those previous swing lows here but We'll see the market will need to decide But what you can be prepared for if we Really break out of this structure there Will be an impulsive move my view would Be it's going to the upside that would
Be broadly in line with what I expect For ethereum and Bitcoin as well now so It will be interesting in the next few Days bear in mind next week we've got The CPI data release and fomc meeting so It will be serious as well there will be A lot of volatility okay and that's my Update about polygon Matic I 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 [Music] Thank you