GALA Games Coin Price News Today - Technical Analysis Update, Elliott Wave Price Prediction!

Published: Sep 03, 2024 Duration: 00:04:37 Category: Entertainment

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[Music] hello and welcome to another update video about Gala um in the last video we talked about gala's move down possible move down in a b-wave uh I haven't touched anything here on this chart so I haven't haven't moved any L labels around I haven't moved any support zones so it's still the same let's say the same scenario the main problem on this chart as I explained to you a few days ago is and I have to go to the daily chart but it's not only a few days ago we've been talking about this throughout the entire bull market yeah bull market yeah sort of yeah so the main problem is a five wve move down that is as per Elliot wave rules and guidelines a not not a bullish move at least right it is rather bearish okay you know it can always be that we get a proper Trend reversal after five waves but then we need to see a five-wave move into the other direction now as you can see Gala formed a pretty clear three-wave move up that's definitely not bullish and therefore I yes I have only added as alternative but it is possible the larger wave two so after a wave one to the downside bottom it's possible wave W two already topped it didn't quite reach the 50% FIP level normally I'd like to see a wave two reach the 50% FIP level it's not a must but it would be ideal so okay it didn't reach it so maybe it still gets there but the idea is the risk is High I mean you could say the let's say the probabilities are quite high that we've already topped it's not the preferred scenario at the moment so I'm still watching for the potential of another seawave rally but in the meantime we could still go a little bit lower before that larger rally occur so yes it might be that Wave 2 is topped in that case then maybe this move down is another one then we do this yeah so that's that's at the moment only the alternative perspective but I would say probabilities are fairly balanced I'd still prefer maybe a more Prof you know pronounced larger wave to as per the yellow wave count but even here I haven't got any clear low in place right so the problem is whether this would be an ABC structure to the upside in the White Wave two which is more directly bearish or whether we started already a larger wave two in yellow the main problem is the rally so far is only corrective so there's nothing there you know only corrective rally so we have a five wave move down this was a corrective rally then this move down is quite sharp and then all the Ries here micro Ries they've all been corrective without any clear bullish signals so what I can say yes we might go up higher but there's absolutely nothing confirming that at this stage especially the rally from the 5th of August or between the 5th of August and the 25th of August was just a three-wave move and therefore yeah we have to be skeptical it might easily give us one more low we've got a Fibonacci support area which can be watched the price has now entered it it's between 1.7 cents and 1.5 if we see reaction here which would be maybe a first one two setup then this would indicate that the wave C in white is unfolding of the larger wave two um well it's not the larger wave two it's actually the smaller wave two here in white and um you know it's possible that we're doing this right one 2 3 4 five but then we need that one two setup to confirm I mean there's at the moment nothing there that would indicate that a larger Bounce has started or something all I do here is to share with you the support zone so if it happens it should happen from either 1.7 cents 1.64 or 1.51 there is not much more to say at the moment so 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 also make sure that you follow us on Instagram and Twitter for additional content thanks a lot for watching bye-bye

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