The video discusses a potential upside impulse for Pengu/USDT, which began around June 22. The price reacted to the 38.2% Fibonacci retracement level, around 2.93 cents. The analyst identifies a potential 1-2 setup forming from the Wednesday swing low, anticipating a possible upside reversal pattern. The analyst needs to see five waves filled in and a higher low to confirm that a low has been set. The asset broke above the first trendline, but additional upside confirmation requires five waves up, and break above the upper trendline around 3.7 cents. Key support to hold is 2.53 cents. The next resistance is around 5.2 to 5.3 cents, then 6.2 cents. The analyst assumes the low is in, but mentions structure is fragile. Tracking a one-two pattern, wave 1, wave 2, wave 3, wave 4, and wave 5.