Foreign Has turned around for now at the 100 Level remember in the last video we Looked at this descending triangle we Talked about next key support levels Will be 100 and then 81 if we lose that Level we've never really lost the 100 Level you can see that here only I think For a few hours but was not a Substantial drop already after four Hours I think we had the um We headed back so we recovered the 100 And we are now at 121. that for now Looks really good and it could be a sign That we are in the third wave to the Upside here for current already Um it's a bit too early of course to Confirm that but as you know we talked About that the pattern to the downside Was full it didn't need to go any lower With that low of the fifth wave it Didn't need to go any lower it was Basically full of course you never know Because it can always extend further but Um as soon as a pattern is full we need To be very very ready for a trend Reversal it has moved into this support Area into this reversal area And it's uh held the 100 level we saw Here an engulfing green candle but then Really there wasn't any breakout sign Until we broke above the descending Trend line so in the previous video we Talked about this descending trend line
As we break it that could lead to a well To a breakout really Um but for me it's it's this signal that We need to get above the way for high Really and with the messiness here of The chart I would really want to get Above this high of 135 dollars so Without getting above that level I can't Really fully confirm that a low has been Made Um But this was the support area to Possibly go long anybody who missed that Way you can always buy if you want to Um for me it's now a matter of waiting For five waves and then buying the Retracement that's what I like to do This here was only a three wave move up At the moment as I can see it so it Doesn't really give me too much Confidence and at the moment the larger Pattern is also three waves so what I Would like to see And I will certainly keep you updated About that maybe later today is if we Get here a one two three four five what Would be the target for the third wave So it would need to be 132 dollars right So if we get this go down in four move Up in five and break that wait for a Wave four high of around about 135 Dollars we get those five waves and then This would count as a larger first wave And then I would personally buy The Wave
2 pullback ABC yeah there should still Be time Um because Um Even if we move higher now and then calm Down and even if the the pullback will Go to maybe only 120 223 dollars I Always get the question yeah but then we Are higher than where we are now but the Thing is it gives you higher confidence And you will buy in support and not um Because the support now is somewhere Down here right maybe 110 you know all These areas or even the wave too low at 105 but you're buying far away from Support and a pullback will wherever it Will be will provide the next support Really and then you can set your Stop-loss tight or whatever but that's Entirely up to you right so that's only I can only tell you what I'm doing and Bear in mind also that we are just now Below resistance really because we can Draw that trend line further that Descending Channel trend line yes we've Broken above that trend line and that It's taken us now to the next trend line But we only have three waves up for now And we are still below the trend line so We're just below a trend line just below Resistance so I would want to want to Wait how the price reacts to it if we Are bullish it should break through it Quite quickly and then maybe retest from
Above and then push higher into this Channel and I think another sign even if We break above that wave four High I Mean that would give us a really good Indication but then really breaking out Of the channel to the upside because you Can extend that further out as well Breaking out would be then the next sign That a low has been made but yeah Quant As always it is delivering when it's um When it's moving it's moving fast isn't It so this is looking good and if we're Moving up from here the overall higher Level scenario would be fulfilled and I'd be extremely happy and I'm then just Gonna wait here for a signal that we've Bottomed and buy the pullback And I will keep you uh oh yeah make you Aware things to mention as well are on The Four hour chart yeah four hour chart we Obviously looked at I think in the Previous video we looked at the bullish Divergence that things could be changing I think remember that Um on the four hour chart on The Daily We saw a slight bullish diversions as Well here on the daily we have only just Made or we are about to make a bullish Crossover on the RSI that is a good sign And also the macd starts to turn around Those are certainly good signs on the Four day chart no reversal visible yet But as soon as we do that and you see
That on the four day chart as well that Whenever that happened before you know Usually you see that strong price Increase that really So it'll be interesting Um and yeah so I'll keep an eye on that For you on the possible follow through On bullish potential at the moment if You you see that on the daily chart at The moment you shouldn't get too excited Because what we're doing at the moment We're just retesting the channel from Below if we get rejected here that we Only have three waves up we had a few Green candles everybody got excited but We shouldn't really until we get the Five waves up we break through the Channel and then look at the pullback And if the pullback is holding a higher Low That would be a sign that things are Changing yeah okay and that's my update About current 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