Foreign [Music] Ty hardly moving at all at the moment Um It is still in this range that we Identified yeah and as long as something Is bound in a Range it can obviously Swing around that range but I think soon We're gonna see a decision moment here We want to talk about what is my Preference here and what are the Possibility that the market has at the Moment um the view is still unchanged That this was a wave one you know we Made it we're down in the Wave 2 The Wave 2 in my opinion still ongoing and Then there should be a way three to the Upside afterwards into the region of Maybe 400 or just below 400 dollars Important to understand is that in this Wave 2 correction we have two main Scenarios we have one Where that is actually my primary Scenario where we came down in an a wave We moved basically sideways in this Triangle in a b and then we came down we Are still coming down in the C wave the C wave is a five wave move one two three Four five and my primary expectation is That we still see one more low the Reason is that this sideways movement Could be called a Bear Flag Um that's not the only reason um it's Also because we haven't really seen any
Bullish impulses since the low that was Made here on the 14th of November and um Yeah actually this can be counted quite Nicely as a corrective wave pattern a Wave 4 which would still come down in The fifth wave so we might have already Peaked here in a wave four Um I explained in a previous video where We the the resistance area that we Reached there yeah that was really only The perfect retracement of the way three And at the same time a perfect way for Target the 38.2 FIB level you know price Respected that you know the chart did Respect that flip level Um at the same time it was this Resistance here the the previous swing High and yeah this is a resistance area That we now need to overcome and unless We get above that level my view will be Focused on the downside there is one More level Which is the 140 dollar level if we get Above that level I would consider that Something more bullish is going on Because of course there is a bullish Scenario as well it's just not my Primary expectation the primary Expectation is down my view is that the Um the charge is adheres better to it Yeah it's better in terms of the Proportions and so on so let's take a Look at Um if if this really was a way for high
Now you can see we peaked in a way of Y Of four uh very simple or nice chart Here from the way three low you can see We had away three here and then came Down lower that's not a problem I Understand this as a a wave a b wave and A c wave in wave w Then we head here inner wave X ABC and Then here as well a b c and Wave Y we Are then now coming down in a five wave Move in wave C of Um no in way five of C of two Here we had five waves down one two Three four five in wave one We probably retrace currently in a wave Two And would move next down in a wave three Very shortly we should see an explosive Move down if we don't it would rather Confirm a possible bullish scenario this Is at the moment an ideal place or time Or moment to turn around to the downside Because we've reached a key resistance Area here we had resistance here head Resistance here head resistance here and Here in that region at this 125 US Dollar level So we're here again you know going above That could take us all the way up to 232 Dollars where we've got the next Decision point so either we turn around Here or I would say if we push Above This level then at 132 sort of this Resistance range if we push Above This
Level then we need to watch the 140 Level and above that level I would Confirm that the low has been made but At the moment my viewers this is just a Wave 2 retracement it's not just the Resistance here this is also currently The area which is ideal for a wave 2 Retracement between the 50 and the 61.8 Percent retracement level so it's a Perfect time to turn around now in a way Three if we did that what would be the Target for the third wave the target Would be 93 dollars basically the 1.618 extension Uh for this Wave 3 and then it would Still be a four and five happening so Yeah we could we could really reach this Oops didn't want to do that we could Really reach here the lower half of this Um support box now So that's uh my view when would we Confirm a breakout to the downside well It would be if we break below the low of The wave one there at 113.40. So I already explained basically the Bullish count don't really need to go Into that in too much detail it's not my Primary expectation the bullish count Um would assume that here we had a Um an uh a leading diagonal we're Currently coming down in two and at some Point here very shortly we should maybe Already now yeah maybe we're already now Moving up and we would need to break
These resistance levels that I mentioned Then we can consider something more Bullish but at the moment due to the Overlaps here the very corrective price Action the choppy price action I'm still Looking for one more low here Um yeah that's my update about the Command 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 [Music] Thank you