Foreign Welcome to another update video about Polygon Matic an extremely extremely Volatile chart here recently and polygon Is also automatic it's also in an Extremely ugly structure here so it's Really getting tough and I want to take You through the different scenarios that We have here overall for me personally Still a very bullish chart Um probably still one of the best ones Out there even though of course Matic Was also affected by the FTX sell-off And the issues that we've had in the in The crypto space recently So We'll talk about the key inflection Points the key decision points the key Support and resistance levels and the Elite wave count So my view is still at the moment that The 32 Cent level at the moment at least Yeah I don't think that we're going to See that again I think the bear Market Low is in that is the primary Expectation and of course within this Sort of bullish wave structure there are Different scenarios so my Well I don't want to say main scenario But yeah it is the one that we can Follow until certain lows are broken Um there is this one that from the low We create a TNN pulse in a wave one to The upside around one dollar and five
Came down in wave two To around 70 cents or 69 and we should Now be ideally in a third wave now the Problem with that is this sort of mess Which occurred here I don't really like That Yeah it doesn't really look good Um extremely messy but of course also The issue around FTX played a part here Played a role but we cannot ignore it it Is on the chart it's it's in the chart And therefore it will have an impact Right it has an impact and those let's Say Ripple effects from that price Action are going to spread out further So we can't ignore it it's there and There are two different or let's say two Or three different possibilities how This could be unfolding and I will tell You the key support levels for each of These scenarios so the red count is here Obviously the the bullish case Um in which we would be following up in A wave three and that would imply That we've done here since the low at Around 70 cents we've moved up in a wave One two three Yeah four five in some kind of a Diagonal Um you could also say we didn't get five Waves you you can count it as five waves But only if the fifth wave is a is a um If the fifth wave is a truncated wave or You could just leave the fifth one away
That's also possible but then we would Have to change the wave structure here But that's possible as well you can Count all of that as a three-way Structure so that means um basically all Of this here as a leading diagonal which Would mean that you can count Um Here the move up as an a b c a large one Now that doesn't really matter so much I Think Um what is important is to understand The key support level so if we say we Had a larger wave one here which is sort Of a bullish wave in this case which Peaked at around well 1.29 And if we then say we came down in a Wave 2 then we would really now need to Start moving we would really need to Start moving because then you would say Okay we had here a um A so-called one two setup which then Bottom t around 70 cents 76 cents And this here would then be another one Two setup which bottomed around 83 cents And then we have here another smaller One to set up so what does it mean that Means it could either be very bullish or You just have too many overlaps and it's Going to come down therefore it's Important to understand what are the Invalidation points you know below which Level Do we have to expect that we get into
This yellow support box again And for me the the situation is here Actually Um quite clear if we say this was a wave One here we came down again in a wave Two right and we're moving up in a way Three and then Very short term here Very short term this is the important Price action so as you can see it's it's Sort of building here in a one two one Two setup we can focus here on higher But only as long as really that 83 Cent Level is holding I think below 83 cents if we lose that Level then we're basically also coming Down too low to still make this a viable One two setup which means below 83 cents We should Most likely get down into this yellow Support area because if this doesn't Work out now And if it doesn't really start moving Now then it hasn't really convinced me And then I think we are going to see a Larger setback that wouldn't make it a Bearish But it would mean that this imminent Upside potential is for you know at Least for a few weeks gone or at least For a few days you never know really how Long this takes But the point is there is some bullish Potential here that can also be traded
Yeah you would be looking at the Wave 3 Target of around 1.10 if this works out But it only works out against the Support level of 83 cents If that level Falls then this potential Is gone right Um so that very clearly means either it Moves up now and will follow through Here in wave three four five and then Push higher or if it loses the 83 Cent Level I mean there isn't much left then Right then you could come down to year 77 but then it just gets too messy so Let's say either moving up now in this Pattern or and that's the other Possibility Okay now we talk about the other Scenario where we would say that all of This what we've seen here was just a Larger Let me just a b c and this Wave 2 which Was which the current assumption is it Was here is actually moving over here so This Wave 2 was never finished and that Would explain some of the messy and Overlapping price action that occurred Here So that would have that would mean we Have seen here a wave a b c and we're Now in the C wave down and that could Come down as low as 47 cents really as As long as we don't drop below the 47 Cent level there isn't really anything Bearish in this chart I have to say this
Is really a very very long sideways Action I would really like to see some Movement and I think it could have Really really started nicely Had we not have you know had we not seen This development around FTX in the same So I mean we had last week I think the NASDAQ was it had its best day Um one of its best days it ever had Really right and I'm convinced that we Would have seen this bullish potential Work out for crypto as well but Unfortunately Those um unfortunate developments in the Crypto space have shattered the trust And uh you know you need to think it's a You know you need to think you know who Is now in crypto with with all of what's Going to happen and has happened in the Last few days the only people who are Left in crypto I believe are the people Like um you and me who are dollar cost Averaging you know who are trading who Like the volatility or people who are Just investing in the long term but do You really think a lot of new people are Currently coming into the space I don't Think so and also they think a lot of Institutions are coming into the space With with the with the rubbish that's Currently going on I don't think so so It just needs a bit of time now I think After this issue with FTX so We just still need to be a bit more
Patient I guess this could still drag on For for a little while Um but yeah I hope you understand now The key support levels here that are Relevant and if we hold them we can Focus on higher however if we drop below Them then the first stop would be 69 Cents and then all the way down to 47. okay and that's my update about Polygonomatic 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