The video provides a technical analysis of the PENGU/USDT chart, noting that it is currently consolidating after a recent reaction from the September low. There is a potential impulse to the upside, but only three waves have been observed so far. Analyst mentions they'd like to see one more high for a completed five-wave sequence. The nearest support area is between 3 cents and 3.2 cents, viewed as support for an internal wave 4 pullback. As long as this holds, the potential for one more high remains. However, due to the small wave degree, it could also be a diagonal pattern, with internal wave one looking more like a three-wave move. The analyst allows for a deeper pullback in wave 4, potentially down to 3 cents. The 61.8% retracement level is considered too deep for a fourth wave in an impulse but acceptable in a diagonal pattern. A deeper pullback may test the yellow trend line, captured by Fibonacci levels. Preferable, the impulse shouldn't break below 3.17 cents. The analysis emphasizes that with only three waves up and no break above the previous swing high at around 3.7 cents, there is no strong confirmation that a low is in. Five waves are needed, followed by a three-wave pullback for a classic Elliot Wave 1-2 setup, which would set the price up for higher prices in a third wave.