quantmaven

Solana: Still heading to 105$

Short
FTX:SOLUSD   Solana
Solana completed five primary waves up, from $22 to $215$, with the fifth primary wave being the extended one. When it is the case, Robert Pretcher says the price tend to correct to the bottom of the second secondary wave (see orange line level). From the peak of $215 to a local bottom of $135, Solana finished a primary wave A. Price bounced from $135 to $170 as a counter trend primary wave B, which was indeed a big bull trap. Solana is now forming its primary wave C that should take the price all the way down to $105. So far, it appears it has completed secondary wave 1 and 2 of primary C and we are going tonight with the secondary wave 3, this means we should plunge hard, possibly on the news that Evergrande is going to default on its debt payments.
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.