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 here to Um polygon Matic yeah put it on Matic Generally what I can say about the Market at the moment it is not an easy Market to navigate uh generally it is And Matick started to look really good Um but obviously also the impact of the Last few days with FTX Um it distorted the chart it didn't make It easier to read I can promise you that Um but overall my view remains that Matic is one of the best charts out There at the moment still quite a bit of Distance between the current price and The June low a whopping 70 drop would be Required to break the June low shows you Though how unlikely it is in the current Environment that Matic will break it Again and that would all be in line with My expectations that we're not going to See the June low again at least from What the chart shows at the moment I Can't expect that Um I mean to be honest in these markets We need to expect everything but It's all about likelihoods How likely is Something and to to break the June law Is for me not very likely okay not at The moment there are there are other Charts that will break it before Matic Um so yeah Matic is and remains one of The best shots out there but the Short-term price action remains a little

Bit unclear but there are two scenarios That we want to take a look at and I Will try to make you aware of the key Pivot Points the key decision points and The key support and resistance levels That we should hold in each scenario so The overall scenario is still that we Can be yeah let's say carefully bullish On Matic um well bullish generally yes Because Um both scenarios that I show you are Bullish it's just that in one of them we Are going to see a little bit of a Deeper retracement and then move up Whereas in the primary scenario we go up Straight away but both are pretty close Together in terms of their likelihood But both are much more likely than a Bearish scenario there is not really Anything bearish on this chart until we Drop below the 47 Cent level why is that Level so important so maybe I'll zoom in A little bit more Um maybe put the yeah do it like that And then if we look at the um the Retracements of that larger wave one Which topped at around one dollar and Five one dollar six depending on how Accurate I do it down here you can see That the 47 Cent level that I refer to Is the 78.6 Fibonacci retracement level And this is highly relevant because this Is an important level that shouldn't be Broken if it is broken on the let's say

On the intraday chart and we recover Quite quickly then that's fine Um but ideally it doesn't even get down To that level right so of this larger One two setup that we have here again Maybe Wave 2 is already finished You don't want to break the 47 level it Just makes it unlikely so on the on the Log chart that level would actually be The let's say 41 and a half cent level Uh just always try to sort of emphasize That as well but I'm not using the log Chart I'm using the Um linear chart you know I just find That especially in the short term more Reliable now let's take a look generally At the wave pattern here so the Assumption is still that this here was a Wave one In both scenarios that is the Expectation Um in the first scenario this year was The Wave 2 so we basically bottomed at 69 cents and we're now moving up in the Third wave to the upside let's zoom into This scenario first in this scenario and That is the Red Wave count that you need To take a look at there Um do we feel there's different colors Here let's make them let's make it a bit Obvious let's make them all red yeah Because they're all part of the same Thing Um the red count here would suggest that

So I would suggest that we have moved up In a wave one here already I'll show you That highlighted here so that we've Finished here the wave one off that Higher level Wave 3 already here the Round 130. ideally I would have liked to See a little bit more of a clear push to The upside this unfortunately the fact That we didn't make a new high here in This wave five of one compared to the Wave three of one isn't great and that Costs the chart a little bit of Reliability Um it um just because normally you would Want away 5 to go above the way three Right there are exceptions possible in Exceptional circumstances like so-called Truncated wave five Can be considered if the following price Action justifies it and I think the Fundamental issues around FTX and the Following price action with a strong Decline just didn't allow Matic to make That new high that it probably normally Would have done right and that is why When we consider something a truncated Wave five so yeah I can consider that as A wave one generally yeah with five Waves in between and then here the um Wave 2 Already in The red count yeah Wave 2 already in the Low here at 77 cents And we would now be in the third wave to

The upside here And in the third wave we are now doing The wave one and in this wave one we've Disregard the Green Wave B that's the Green count we get it in a minute but um In this wave one we should ideally push Higher and should ideally make it to Around at least 1.26 I would like to see Right so what I would ideally Um yeah ideally like to see okay so Let's see if we get there Um if we break down from here it Wouldn't be necessarily a sign of Strength I did we want to get into the Yellow box up here that would give the Chart again a little bit more Reliability and would show us that we Are most likely in this particular Red Wave count and then we would be followed Or the Wave 2 would follow yeah and the Wave 2 will ideally hold the 78.6 Retrace can't give you a target for that Because we haven't topped in wave one Yet at least no we haven't topped in With one if we've top now then it's not The wave one it's something different That we talk about in a minute so I want To push a bit higher to give the chart More of a stronger Outlook To the upside then I would personally Accumulate in Wave 2 again okay Um that's sort of my view and this would Be the let's say stronger bullish view Then we've got the Green Wave count here

Um the Green Wave count Is Yeah the Green Wave count basically Suggests that we've done something Different here that from the top here Yeah from that high at 1.31 We are coming down in an ABC pattern if You're wondering how is that embedded Here you know how can we embed that into The large account well it would suggest That this wave too Which I currently see has finished here Around the 20th of September was never Finished and that we had a massive w x y I mean you could also say ABC but I Think actually looking at the chart it Makes more sense to counter as a wxy That doesn't make a great difference to Be fair but if we say that from the wave 1 high which was at 1.5 Middle of August we moved down in a wave W now an overshooting wave X and we're Coming down in Wave Y then the Wave Y Would consist of the green ABC and then We would go deeper into the yellow Target area and we've never really Gotten away from it and everything we've Done so far to the upside was just a Corrective wave yeah which is possible Because as you know this move up here Was not an Impulse it was a diagonal Pattern so also here not very very Reliable anyway but overall still the Bullish Trend remains on the chart it's

Just a question do we come down in this Green ABC pattern back into the region Between 47 and 69 cents or do we go up Straight away for me a warning sign Would be or the sign that the green card Plays out would be a drop below the Support level here of that ascending Wedge okay Um to be fair we've got here the support If that happened today it would be at 88 Cents so if today we break below 88 Cents then we would also break below the 50-day moving average you don't really See it here but it's exactly where the Um The trend line is and then I think we're Going to come down in wave C that However would then allow us to reset Wave 2 the larger Wave 2 here and we Would restart the third wave Um to much higher prices right so again Both scenarios bullish as long as we're Holding the 47 Cent level so my strategy Is if we see that push to the upside in The red count and then come down in Wave 2 I'm going to buy if we come down Straight away in wave C I'm going to buy That's my strategy for Matic 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 then please check out the Channel membership thanks a lot for

Watching bye Thank you

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