Foreign [Music] Welcome to another update video about Quant Time for an update so let's take a look First at the four hour chart We see that command is still in this Possible one two setup which is a good Elliott wave setup which generally would Suggest a turn to the upside as soon as This Wave 2 is over The View would be that we will then Rally in a way three Rough Target for a third wave Is the 390 level roughly up there yeah 390 to 400. Um depending on how low we go in this Wave too yeah it could shift a little Bit But it shouldn't be anything major All of that is the case as long as we're Holding 81 dollars Even below 81 I mean Yeah it won't it it will reduce this Bullish scenario will reduce in Likelihood should we really drop below 81 because this is the 78.6 FIB level It won't really be invalidated until we Drop below 40.45 however if we get down To that level it's just very unlikely That this bullish scenario is still Working out it all has to do with Market Sentiment and so on so if you drop below Certain FIP levels most likely certain
Movements are not going to work out Anymore Um the very last chance here I would Give the Bulls is Um the 88.7 FIP level at 61.64. it's not the most straightforward Chart to read um but I still see this as A five wave move up and then here a Three wave structure down a b c and the C wave is a five wave move as well we're Currently in this five wave move off Wave C With one second which looked like one Two three Four five yeah this way four is a Triangle we talked about that already in The last video I didn't do a video for a Few days because I didn't feel very well Um but it still isn't a triangle this Wave e moved a little bit higher than Originally anticipated but that's not a Problem it didn't invalidate it yeah it Did never go above the c-wave high Therefore I had it here is resistance at 126 dollars so it wasn't even validated Actually reacted quite nicely To the downside then and we are Following here a nice triangle pattern Here It could be that we have now seen the Wave e high and we are selling off in The final wave 5. it's coming down quite Impulsive now But we won't really see
Um the confirmation that this is Breaking down until we break below the Wave d low like this hundred dollars and Well the final confirmation will be a Move below 95 dollars that's the wave Below yeah so we need to break below the Wave d low 100 and then 95 to play out The scenario Slight concern with that that I have is That we are on the four hour chart Nearly oversold already so I think this Is not going to go down in one straight Line there will be Um well yeah it won't because you know If this is already the break then we're Looking here At the five-way structure anyway so this Might only be the wave one there will be A wave 2 retracement away three down Away four up away five down so yeah I Think you know the sort of 81 level is Not an unrealistic Target would actually Be quite good to get there to to put This to an end you know to put this to An end then to reverse and to move up so Um could we already have seen the low You know yes but all of these movements Were only three waves to the upside so Nothing convincing and I would really Want to see a five-way structure to the Upside with a three-way retracement Ideally above 134 dollars to confirm That we already have seen the low here Until then I'm focusing on the downside
Gave you the key support levels and I'm Gonna go with that at the moment but Don't be surprised if we let's say hit Channel support here or um trendline Support go up first and then come down Because this could be a one two three Four five All right that's my update about command Hope you liked 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 [Music]