Morning Update: One More Alternative to Consider

I always find it interesting and exciting to have conversations with traders about the markets and their thoughts. As I'm involved in these discussions I find I can't help but to unconsciously compare and contrast to my own analysis while being careful not to turn into a spokesman for my viewpoint. You see, what makes a market efficient is the abundance of buyers and sellers. The different viewpoints, and all that activity is what creates patterns. It's these patterns that allow EWP practitioners to perform their work

But it got me thinking about Solana's price action. Therefore I have added a GREEN alternative on the chart. This is a reasonable potential as the wave iv of one lesser degree is in this area. So I will allow for the fact that MAYBE black wave 4 is NOT done. This would be my GREEN wave 4 slightly higher. However I want to emphasize this is an alternative. We have enough of an ABC move off of $35.30 to conclude 4 is done.

Additionally, I want to end this morning's update by saying Solana has NOT bottomed. (FEEL FREE TO HAVE A DIFFERENT VIEWPOINT) My analysis shows price will revisit the $30's and possibly breach them all together. It's how we bounced off of $35.30 that has left no doubt in my mind. I have placed a black circle around that bounce with an arrow that says "Look Here". Towards the end of that advance there's too much overlap to be a micro impulsive wave. Subsequently each new higher high was followed by an overlapping low. This is NOT a bottom, not is it the start of price sustainably rallying. This is a corrective countertrend consolidation before the trend (DOWN) continues.

I would venture to guess today's action will start to clear some of the alternatives out of the way.

Best to All,

Chris