[Music] thank you hello and welcome to another update video about gala gala continues to consolidate in this way for correction down here but let me take you through the wave count here we are taking a look at the price development of the June low we have a five wave move up in what I consider a diagonal not super trustworthy but still enough to work with for a potential bullish setup then an a wave down in a correction an overshooting B wave and the C wave to the downside into our yellow support area that was already triggered here early in July and end of June so it worked out a few times already and we got a bounce of our support area and now we have visited again and it could give us another chance for a rally from here and in fact the wave count currently suggests there is a decent probability for a rally from here but only if and that's the condition the 2.038 Cent level is holding that is the 78.6 retracement at the moment I'm viewing this as a c wave down basically yeah it looks like an Impulse actually on the way down in a c wave and I've got a wave one complete already a wave 2 of wave C A Wave 3 of wave C this could be as explained in the last in the videos of the last few days The Wave 4 with one more load to come it could have bottomed yes in a wxy structure already where the last wave down is not a c wave which has five waves but a y wave which has three waves and however this cannot be primary expectation also I don't really see a major reaction to the bullish support area so at the moment another low would still be reasonably expected and it should go to either 2.21 Cent or 2.038 so either the Golden Ratio or the 78.6 retracement level resistance is at 2.55 cents here four way four which means it can go all the way up to that level without changing the probabilities of this chart but if we could get above 2.55 cents I may have to consider we're already in a breakout until then I would expect one more low and then we can watch after that one more load do we see an impulsive reaction to the upside then the next low could be the last one um and yeah we have support at 2.21 and 2.038 cents just be aware we have this descending trend line that's coming down here as well which could provide support for that last wave down below 2.038 cents things will turn bearish here and we may break below the Joon low which is the 10th of June low at 1.81 cents and then this whole setup is going going to fail most likely okay but until then there is a decent chance for a third wave rally Target for the third wave around four cents it really depends on how low do we go let me just move those waves across round about four cents the 1.618 extension if we then turn around in here we have resistance at 2.84 cents which is the B wave high as well as the wave one high that's a breakout point we have next resistance and breakout point at 3.1 cents and 3.55 cents is this significant swing High which was formed in May this year okay 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 foreign [Applause]
