Foreign Welcome to another update video about Poorly gone medic so as already Suggested in the last video we have a Good chance to get we had a good chance To get into this blue support area again After we broke below the triangle shape Or below the ascending triangle here Really so the breakout to the downside Suggested further continuation down we Are now in this support area and we take A look at what that means in a minute Um so if I zoom out we can actually see That my idea at the moment the way I Read this structure and it's a really Really difficult structure to read I Mean it's a really really difficult Chart at the moment but my assumption is Still that we are in this a b c pattern We just get a deeper wave B yeah there Was a potential that we had it here Already Wave A B C but we never broke Above the trend line so that was the Condition for at least consider that we Are in this wave c Um now that we have broken to the Downside I have to expect we are in a Lower wave B so a b c in B because a b Wave consists of three waves ABC that Means we are now in the C wave and the Yellow sorry the blue box is the support Area for wave B Um it's the blue box fitting or Belonging to the blue count
Um explained it in previous videos that This support area is based on Fibonacci Support between the 38.2 percent flip Level and the 61.8 percent flip level And the 61.8 is sort of the last key Level that I would consider for this B Wave this type of B wave If we drop below the 61.8 level which is 83.5 cents We could still drop to the 78.6 FIP Level and I could still go with the Current count now I could still go with The current count could still expect it To be a b wave but then really below That 78.6 FIB level So Below 80.3 cents Or 80 cents I have to consider that we Are in the direct sell-off if you zoom Out we can see that the idea is actually That we will make a lower lower here but Possibly after short term upside first Yeah Um but to have a valid Um scenario for this C wave to the Upside which is though part of a larger Downtrend within an even larger uptrend Hope that makes sense Um To consider that we need to find support At least above 80 cents yeah now I Sketched out in the previous video the Um lower level wave count always bear in Mind these are quite fragile they can Change and shift but I think it's so far Working out I mean we talked about this
Wave 3 low here I can't remember if we Had had if we made that low already in The last video I don't think we did Um so I think that worked out I'm sure I Gave you a target for this wave 3. I'm Sure we took the um Took the wave 1 we retraced to the Wave 2 and we looked at Key support levels And we said it most likely is the 1.618 Extension at 86.3 cents we came down to 87. This Wave 3 could be finished but to be Honest I think it looks like we may need One more low in Wave 3 to reach that 1.618 extension now on the really the Lower time frame you'll see all sorts of Funny stuff could also be this Wave 3 is Already in this is Wave 4 and we're now Moving but there's still one more low Required ideally not absolutely needed Yeah but ideally you know we always talk About the ideal structures here because At the moment this is only a very very Clear three wave decline we want to see Five Because it's a wave C hope that is clear Um it could be finished already but then It would have to be some kind of a wxy Pattern and then again this last leg Down is a bit too short so I would Primarily expect Um still lower here however if we rarely Now and break above the B wave high Which is at 93 and a half cents then I
Think we are already in the C wave to The upside and Target here is between One dollar and 1.5 we can specify that a Bit further as soon as we've got a clear Low in place here in wave B so at the Moment we are still hitting over you can Also extend that trend line down I mean That might be a very very first signal That we're pushing higher here if we Break above that trend line but other Than that no change to previous videos Really Um with regards to polygonomatic so yeah Hopefully you'll 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 Thank you