Foreign Ty current is moving further down this Was as you know in line with my primary Expectation that we get a bit deeper Here into this um green support area and Yeah you know at the moment we are Heading down lower you can take a look At the key support levels for Quant by Drawing those FIB levels Um the retracements of this wave one and You can see that we've also dropped Below the 61.8 Percent flip level so the next key Support would be the 116 117 dollar Level but we'll take a look at that in a Minute Um my view is still for kavant that we Are generally in a bullish pattern that This here that we've seen the low of the Bear Market already that this was a wave One this year where it was wave two we Are now in the third wave But within this third wave we have sub Waves so we have here a wave one which Peaked at around 227 dollars and a wave 2 to the downside Um which could come down to 116 dollars Without getting at risk of invalidation Below that it won't be invalidated but It will be at risk of invalidation Because any Wave 2 that drops below the 78.6 retrace is getting at risk of Invalidation Um again if it drop if it does drop yes
It could still hold the 102 level no Problem it could even hold the 86 dollar Level no problem but these are just Areas of less likelihood so for me it's Then always you know if we drop below 116 it will sort of Slowly morph into a different scenario And this scenario I already explained to You which is possible to count as well It would mean adjustment of the Internals here but then we would have to Say that all of this movement from the Bear Market low was a wave one and we Are then coming down in a wave 2 and That would just allow for a stronger Retracement I can draw those fips for You just to show you what that would Mean it would mean that we could without A problem come down in the 78.6 retrace To 80 dollars and the 61.8 Fib level Would actually be at 112 dollars And you can see that in this particular Scenario we've actually just found Support at the 50 retracement at 134 Dollars now okay so that means Potentially that the market is Respecting this scenario more at the Moment because we found some support at The 50 retrace However It's not very clear support so I am Still focusing on my primary expectation Which is that we couldn't can come down Lower in fact I am still of the view
That we will come down lower as long as We have a reversal signal I explained That to you in the previous video as Well Um I will slowly continue to scale into Quant here at some point in this area Um because this is the area from where It would reverse ideally Um you will know that I took profits at I think it was 188 dollars I started to Very slowly buy you know again at around 100 and 60 I think Um and we'll continue to scale in and Reinvest those profits as we go lower Closer to support because I believe that Quantity has already seen the low of the Bear Market if not then obviously we Have to focus on lows on new lows at Some point but I don't really I wouldn't Make that the primary expectation that We are going to see new lows as long as We're holding the 80 dollar level and That is because if I draw the fips like This which would be the alternative Pattern that all of this was a wave one Then I'd be looking here at roughly the 80 level the 78.6 retrace as a warning Sign that if we drop below that this is Going to be quite bearish So it's still as you can see an Uncertain environment nevertheless of All the uncertainty in the Market at the Moment command and we've got a few other
Charts like medic for example ethereum Are still among the best charts so Um but also they obviously need to do Some work to to hold and the Bulls need To Um step in here to save this chart from Morphing into a bearish scenario but Yeah the support area still leaves quite A lot of space for further price drops Actually you can see that we are Currently just now trying to drop out of This channel Um which is here at around 136 dollars Was the support we just tried to drop Out of it the current four hour candle Hasn't closed though but it's still Something noteworthy and yeah looking at The subdivisions there are different Ways you know how how this can be Counted Um If if this carries on down it could just Be a simple ABC as I already did draw it On the chart but then um you would have Here a one two setup another one too This was the three so basically Let me just show you that I would have to say that this here was a One ABC two then we had here another one to Set up the three The four The five happening possibly now if we Get below 132 that would be only the
Higher level Wave 3 then there would be Another four and a five yeah so I will Just label that for you so that you can Actually See that maybe a bit clearer so here And then One two Three four Five Here we avoid it just about an overlap Between waves one and four Yeah sometimes you know this price Action yesterday sometimes you can get a Bit of an a distortion of waves right But this is just one possible account There are various interpretations Possible here I think more important Than really getting here the sub counts Right for this one is to understand the Key levels which I mentioned to you So as you can see we just about avoid an Overlap between waves one and four but It was a very strong retracement for Away four but again we had quite a a Crazy day yesterday so based on this Count we would expect one more low here And wave five of three away four Retracement and away five down but again Instead of just trying to be hung up on The on the sub waves here over wave C I Would be more Um paying more attention to the Fibonacci retracements and the key Support levels and Below which area
We're going into a different scenario so We haven't seen here a bottom yet or at Least we don't have the evidence for it Because also again you know looking at This here I mean technically you could say we Could find a way to count this as Complete yeah we've we've come down Enough To um complete here this correction so Be ready but we've just dropped out of This you know Channel that's not good And we've dropped also below the 78.6 Retrace so for me the focus is still Here further on the downside okay that's My update about command q and T 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