Foreign Dive straight into the price action my View is still that we moved up from or Since the June low in a wave one in a Five wave impulse to the upside we are Now coming down in a wave 2 that is Still primary expectation I have no Evidence that the low in this Wave 2 is Already in I think one more low is Likely as long as we stay below 140 Dollars and we talk take a look at that And after making a significant low here I would expect us to Rally in a way Three to maybe 300 80 and Beyond yeah Then there should be a way four and away Five that is the higher level time frame But what is interesting and important at The moment is really here to understand What is happening in the lower Um or on the lower time frame yeah So in this Wave 2 which is coming down Here which might be finished but I don't Have evidence for it yet Um we came down in an a wave we moved up Or moved sideways in a b wave in a Triangle and we are now coming down in This C wave the c-wave is a five wave Structure one two Three Four five would be my expectation that What we've done here where we peaked at 133 dollars that this was only a wave Four and is now coming down in a wave 5. Um the alternative to this is that we
Yes we came down in a wave one we moved Up in a two came down in a three we Moved up in a four and the way five was Already in and this is some kind of a Wave one we're now coming down in a wave Two and would rally in The Next Step However I don't have any evidence for it And there is also no strong indication That this was the case because what have We done in this way for All we've done is to do what a wafer Needs to do the way forward did rally to The 38.2 percent flip level though the 132 dollar level so that is what a wave 4 would normally do anyway uh The Wave 4 Could indeed even move up to 140 dollars That is exactly what I just told you That I don't believe we are in something More bullish unless we get back above That level so at the moment I assume I Continue to assume that this was a way For high even if we go higher now Um yes it would be some bullish Indication but again until we break Above 140 I cannot reasonably assume That we are in something more bullish Especially as here we didn't have a five Wave structure to be up to the upside it Looks very corrective in a three-way Pattern which ideally now is coming down In five waves So again this is the key level Um before we get to 140 we've got this Resistance area here anyway between 132
And 135 US dollars so if we now try to Make sense I mean this way for makes Sense to be a wxy pattern Um where we moved up in a wave W here A B C in W then we had a b c and x and Then a b c in y so that makes perfect Sense and we're now coming down in this Possible five wave structure in a wave Five Um Where we could say we topped here in a Way four we're now coming down in wave Five the wave five is a five-way Structure so it could be a wave one a Wave two a wave three a wave four away Five on the micro count here we hit the Support area I think in the last video We talked about that we most likely come Down to the channel support here now We've retested that we've reacted to it We've bounced to the upside now and that Would be perfectly in line here with This shorter time frame count we could Say yes wave one could be done wave one Or five could be done we're now Retracing in a wave two Um again this is micro counting so it's Subject to change but we've now reached The 38.2 percent flip level that is in My opinion not yet enough for a wave 2 So ideally we push a bit higher maybe 223.30 or 125.60 in that region here Where we could see a reaction to the Downside this is by the way also a
Resistance area so we had resistance Here At the same level around 126 dollars Well here we didn't really get above it Here we didn't get above it here we Didn't get above it so it is quite a bit Of a resistance area there and it's a Likely area where we could find Resistance for this small Wave 2 and Sell off in Wave 3 to the downside Target for the Wave 3 to the downside I Can give you that as well we would Assume that wave one was done maybe we Go up 225 dollars and then the target For the Wave 3 could be 94. the 1.618 Extension then we could move up in four Maybe retest the channel from below and Then move down in a wave five that is How it would in my opinion ideally work Out Um again should we now should we now Move above the 133 level 132 level here This imminent sell-off scenario is Invalidated but it does not really Necessarily put much more emphasis on The bullish count a little bit yes but We can't really focus more on the Bullish count until we break above 140 It would be different If we were seeing here some kind of a Proper impulsive price action to the Upside like screaming price actually in An Impulse which we don't this is at Best just a leading diagonal to the
Upside and to believe that I need to see More evidence okay so primary Expectation remains down strong Indication that we are coming down would Be a break below that wave one low here At 114 dollars then we would take out The the channel low or the channel Support so we would break out of the Channel and most likely come down then To those targets indicated Um in the bullish interpretation there's Two ways I can count all of this here as A leading diagonal wave one and we would Come down now in a wave two Um would need to find support somewhere In this range and could then rally to The upside but again the detail of this Count isn't really important until we Break above 140 dollars the other Possibility is that this was a wave one Here in an impulse We came down in an a wave we moved up in A b wave overshooting which is quite Rare as well and then we're coming down Now in the C wave but um the problem is Then here that this a wave was quite low Anyway so it is getting quite unlikely Because the c-wave doesn't have much Space unless it's a running flat which Would end above the a wave but this is Extremely rare so there's a few problems With any bullish County at the moment so I'm rather focusing on one more low Unless we get really bullish price
Action above that 140 US dollar level Okay and that's my update about Kevin 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 Thank you