foreign [Music] continues to be um dropping sort of today five percent four and a half percent decline did say it yesterday due to the failure I think it needed to hold something like 28 and a half cents or something that was the bullish support it needed to hold it didn't and therefore it's a clear ABC structure to the upside and further downset is expected that's currently working out nice and bearish engulfing candle highlighted to you yesterday that due to the failure of holding I can't remember if it was 29 or 28 and a half cent um it is likely that it's going to make new lows yes it can certainly always be bullish but as always say you know if you have a three wave rally yeah it could be bullish but if you have a five wave rally it should be bullish so it should follow through whereas this I mean yeah you can always see that as a part of a leading diagonal so that could be a wave one that could be a wave two three four five now if you want to trade could and but you know that's sort of like 50 50 or even even less than 50 probability that this is going to follow through because the three wave rally is typically corrective like this one up there yeah which then did lead to more downside you can clearly see that it's a three wave rally here as well and that can lead to a new downside and should actually lead to a new downside yeah it shouldn't rally it could really uh whereas if we had a five wave move up yeah I would call that an impulse and then after a nice pullback it should follow through to the upside so from that point of view um new lows are anticipated here at the moment we certainly have a possible trend line that we can draw here it's just sitting on that trend line I mean if it takes off it will probably do it from here but um Cody looks like a little bit of a Bear Flag there if I go to the one hour chart um a little bit of a bare flag it might actually just here on the one hour you'll see a new uh engulfing candle possibly developing and if it takes out the low which was made at 26.4 basically today's low then we'll probably follow through further to the downside so from that point of view no surprise at the moment um had a bit of a buying pressure here but if it's a three wave rally and might just be related to some news or something um it will typically sell off again we've seen it many times just to keep it brief here what is relevant support going to be around about 17.3 cents here the 78.6 flip level is certainly likely support if it makes a new low well before that we have some structural support at the previous low around 22.7 cents okay that's my update about ethics I hope you like the update if you did please hit the like button leave a comment and subscribe also please make sure um that you follow us on Instagram and Twitter you can find the links in the video description also our Twitter Instagram Handles in the beginning of the video you'll find additional content there that you don't find on our YouTube channel and also if you're really interested in more content then check out our Channel membership thanks a lot for watching bye [Music] thank you
