The above chart is all of the price action in Solana.
I want to draw your attention to the triangle pattern of July 2021. The e wave of the triangle completed in the area of $22-$23. We also have fib support in that area within our shorter term ED pattern we're tracking now ($22.4950) . Not to mention the positive divergence on MACD. Price has been making new lows all summer long but MACD is making higher lows. WE'RE BOTTOMING NOW. I've mentioned this in the past, but sometimes patterns get messy. We have continuation patterns and those are easier to project direction, and then we have overlapping patterns an those are not. The most recent price action of the last 2 months is Overlap. This is a mess. The current ED pattern is not standard either.
Nonetheless the $22-$24 range is the area I think we bottom. That's why I spend 90% of my time analyzing and 10% trading. I find other opportunities when one market is messy, I find clarity in another. I have been seeing opportunities in the SPX futures market. So I have been focusing over there.
Everyday we get more price action in Solana and this provides more and more clarity. I hope this gives you some insight as to why I stopped trading Solana last month. This choppy action is a mine-field...and I don't gamble. I want to take calculated risks that have a high probability of success. To me, it's much better to wait for a new low when I can access risk.
Patience Folks.
Best to all,
Chris
I want to draw your attention to the triangle pattern of July 2021. The e wave of the triangle completed in the area of $22-$23. We also have fib support in that area within our shorter term ED pattern we're tracking now ($22.4950) . Not to mention the positive divergence on MACD. Price has been making new lows all summer long but MACD is making higher lows. WE'RE BOTTOMING NOW. I've mentioned this in the past, but sometimes patterns get messy. We have continuation patterns and those are easier to project direction, and then we have overlapping patterns an those are not. The most recent price action of the last 2 months is Overlap. This is a mess. The current ED pattern is not standard either.
Nonetheless the $22-$24 range is the area I think we bottom. That's why I spend 90% of my time analyzing and 10% trading. I find other opportunities when one market is messy, I find clarity in another. I have been seeing opportunities in the SPX futures market. So I have been focusing over there.
Everyday we get more price action in Solana and this provides more and more clarity. I hope this gives you some insight as to why I stopped trading Solana last month. This choppy action is a mine-field...and I don't gamble. I want to take calculated risks that have a high probability of success. To me, it's much better to wait for a new low when I can access risk.
Patience Folks.
Best to all,
Chris
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Go to ewtdaily.com for DETAILED DAILY UPDATES on this ticker and get a 7-day FREE trial on updates on entire coverage list of 27 unique tickers.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.