Avalanche AVAX Price News Today - Technical Analysis Update, Elliott Wave Price Prediction!

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Avalanche AVAX Price News Today – Technical Analysis Update, Elliott Wave Price Prediction!

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Hello and welcome to another update video about ax yeah aex um continues to move uh higher after we had this small reversal candle that we already saw in the last video here yesterday it happened no two days ago we had this small veral candle and I made you aware

That it seems likely that this is a a bit of a turning point there and um even though we can’t really let’s say predicted because the yellow count is also an option but as long as the $31.25 level is holding it appears likely also when looking at bitcoin’s

Pattern and so on that ax will attempt a reset of this b-wave and will form it a little higher so the idea is currently that um a more substantial top of obviously formed here end of December and the move down is currently um a larger b-wave highlighted here in yellow

Now that could play out in a very simple form in an A B C structure however I have to say that looking at the proportions it doesn’t really fully add up but I have to say that as soon as we break below $31.25 this more direct Pathway to the

Downside is confirmed and then I would be watching the 25 sort of the $25 region first it’s not only the 38.2 retracement which is the first main Fibonacci retracement level it’s also here uh an area of previous trade so it’s likely going to offer some support

Well but as long as we’re holding above that $ 3125 level this pattern could play out so a-wave yeah unchanged but then the b-wave never topped here never topped here on the 11th of January this was just the a-wave of a larger b-wave again a b-wave is an ABC structure typically

So this is a three-wave rally so it could just be the a-wave move down B wve and the move up ideally would now reach $41 80 that would be C wve so ABC um yeah this wave should should reach $41 80 yeah ABC and then it should form the

B-wave a wider so-called flat structure the thing is with this structure it’s also possible that the B wve forms a triangle pattern but it’s too early to predict that in a triangle the next move up should form a lower high and then it would be this a b c d e that’s

Possible uh would be extremely boring and then the B wve would end where the triangle finishes and we would then see the move down okay so there there are different options here how this correction can unfold certainly what I can confirm to you I mean I cannot confirm or predict which exact pattern

The correction will um form eventually because Corrections change their opinion quite frequently yeah and they have to be flexible in a correction there were more than 10 different patterns that could develop whereas you know I can confirm to you that we are likely still in the correction and that we likely

Have to watch for lower prices in the coming weeks in this seawave to the downside either more directly or after a more substantial b-wave has formed potentially as a triangle or or a wider flat pattern now if we you know if this white count is indeed unfolding then we

Can calculate a target for that c-wave um by taking the length of the a wve then we go to the low of the B wve and as I said sort of the 4180 level would be an ideal Target it’s the 100% Fibonacci extension level okay 100% extension um higher is possible yes but

I would like to see it reach um the 100% extension if it doesn’t even even get there then yeah that would be our first indication that possibly a triangle is playing out so I think we have to prepare for a little bit of a chop here

Going forward um it’s it seems like this is a corrective pattern I mean over the recent weeks the parameters were respected this resistance area which is quite a large one but it was respected price got rejected there Head and Shoulders pattern found support in our support Zone rallied into the micro

Resistance Zone got respected the price um did find support again at this previous swing low and the red support line that we had on the chart so it’s respecting the the parameters um but the exact pattern which that this correction is going to take that is not very very

Clear yet best I can tell is that it might form this more extended um white flat structure and that however a sustained break below 3125 will confirm a more direct pathway down then however I need to think about how this is being structured because the third wave ideally isn’t finished yet

Ideally the third forms another low it’s not long enough yet for a third wave I’m just mindful of what bitcoin’s pattern is and that I see some green everywhere and other coins look similar they could also form this extended b-wave and um that in that yellow count here

The third is a little bit too short so that’s my update about aex 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 and please check out the channel membership also make sure that you